Test Preparation on CA Intermediate corporate Other Law Test series-3

A reserve account that shall not be used by the company for any purpose other than repayment of deposits is called:

Normally no deposits are repayable earlier than ______ from the date of such deposits or renewal thereof.

Bhumi Real Estate Developers Limited has accepted deposits from its members. There is no default in repayment of such deposits on their maturity. The statutory amount to be deposited by the company on or before 30th April of each year in a specified account opened with its bankers, till the deposits are fully repaid is:

A Limited Company is accepting deposits of various tenures from its members from time to time. The current Register of Deposits, maintained at its registered office is complete. State the mandatory minimum period for which it should be preserved in good order.

Dream World Entertainment Limited has accepted deposits worth ₹ 50.00 lacs from the public on 1st April 2019 for a period of 24 months i.e. repayment of deposit would be made on 31st March 2021. The rate of interest payable on such deposits is 9% p.a. One of the depositors Mr. Aman requested the company on 1st June 2020 for premature repayment of his deposit of ₹6.00 lacs along with interest. Advise the company in the said matter.