Public Deposit Acceptance

Querist : Anonymous (Querist) 26 July 2011 This query is : Resolved
Respected Sir, My self is Manna from Silchar(Assam). There is a public limited company in my city called Bright Manpower Consultancy Ltd. They are accepting public deposit in the name of starting new projects as well as selling Fixed deposit schemes, Insurance policies, Bonds and giving other financial services. Here I just want to know that is that lawful? Just being a PLC is enough to accept public deposit or they need any license or authority form RBI or SEBI for such activity. Please give me some knowledge so that I can take it into the eyes of govt officials. For details about the company please follow the link of the comapny given below. http://www.bmclimited.info/index1.html

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R.Ramachandran (Expert) 26 July 2011
You can write both to the RBI and SEBI through registered letter, giving the complete particulars of the company, their activities and ascertain whether they are permitted to accept public deposit or not. You will get appropriate reply from these two organizations.

Advocate Rajkumarlaxman (Expert) 26 July 2011
I saw the link one question arises is that if it is a manpower consultancy co then who can they operate in such diff categories. you have to enquire about all this. file an RTI application and get the details of the bye laws of the company also. you will come to know all about the compnay. and as stated by the expert R Ramchandran apply for RBI and SEBI also. you would get all the deatils

malipeddi jaggarao (Expert) 26 July 2011
Please follow the link and verify whether the company is adhering the provisions mentioned in the link. If not, you can write to RBI.

http://www.mca.gov.in/Ministry/actsbills/rules/CAoDR1975.pdf

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