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Public limited company accepting advances

Amar Jain (Chartered Accountant ) (24 Points)

11 March 2016

Can a public limited company accept advances against property to be sold? Also, will deposit rules attract?

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3 Replies

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shrin (writer) (55 Points)
Replied 10 January 2020

Hello Amar Jian,

Under a public limited company, the shares are open to everyone. The company is not in the hands of a few promoters but the public owns it.

The minimum number of shareholders in a Public Ltd Company is 7 and there is no limit to the maximum number of shareholders.

Public Limited companies come with stringent rules and requirements. Chapter 5 of the Companies act, 2013 consisting of sections 73 to 76 deal with the provisions related to acceptance of deposits by companies.

To know whether a public limited company can accept advances as against the property to be sold contact the experts at Taxolawgy. They have the best experts who can solve all your queries at the snap of a finger and provide you with quick solutions.

Let me know if you have any further questions.

Many Thanks