TMI BlogProhibition on acceptance of deposits from publicX X X X Extracts X X X X X X X X Extracts X X X X ..... lic except in a manner provided under this Chapter: Provided that nothing in this sub-section shall apply to a banking company and non-banking financial company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) and to such other company as the Central Government may, after consultation with the Reserve Bank of India, specify in this behalf. (2) A company may, subjec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed; (b) filing a copy of the circular along with such statement with the Registrar within thirty days before the date of issue of the circular; 1 [(c) depositing, on or before the thirtieth day of April each year, such sum which shall not be less than twenty per cent. of the amount of its deposits maturing during the following financial year and kept in a scheduled bank in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsecured deposits and shall be so quoted in every circular, form, advertisement or in any document related to invitation or acceptance of deposits. (3) Every deposit accepted by a company under sub-section (2) shall be repaid with interest in accordance with the terms and conditions of the agreement referred to in that sub-section. (4) Where a company fails to repay the depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial year next following, and kept in a scheduled bank in a separate bank account to be called as deposit repayment reserve account; 2. Omitted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 05-07-2018 , before it was read as, (d) providing such deposit insurance in such manner and to such extent as may be prescribed; 3. Substituted vide The Companie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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