Question : Company Law prohibits any invitation or acceptance of deposits from persons other than its member, Directors or their relatives for :
Option 1: Private Company
Option 2: Public Company
Option 3: One Person Company
Option 4: None of the Above
Answer (1)
24th Jan, 2024
Correct Answer: Private Company
Solution : It is against the law for a private company to take any invitations or unsecured loans or deposits from anybody other than its members, directors, or close family members. As a result, a private firm may receive deposits from its members, directors, and relatives under a private agreement.
Hence the correct answer is option 1.
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