TMI BlogSmall depositors.X X X X Extracts X X X X X X X X Extracts X X X X ..... any interest thereupon. (2) The intimation under sub-section (1) shall, (a) be given within sixty days from the date of default; (b) include particulars in respect of the names and addresses of each small depositor, the principal sum of deposits due to them and interest accrued thereon. Explanation . For removal of doubts, it is hereby declared that the intimation under this sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall, at any time, accept further deposits from small depositors, unless each small depositor, whose deposit has matured, had been paid the amount of the deposit and the interest accrued thereupon: Provided that nothing contained in this sub-section shall apply to (a) any deposit which has been renewed by the small depositor voluntarily; or (b) any deposit, whose repayment has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equent to such acceptance of deposits, obtains funds by taking a loan for the purposes of its working capital from any bank, it shall first utilise the funds so obtained for the repayment of any deposit or any part thereof or any interest thereupon to the small depositor before applying such funds for any other purpose. (8) Every application form, issued by a company to a small depositor for acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , was a director of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. (11) The provisions of section 58A shall, as far as may be, apply to the deposits made by a small depositor under this section. Explanation . For the purposes of this section, "a small depositor" means a depositor who has de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tituted for "Board" by the Companies (Second Amendment) Act, 2002. w.e.f. a date yet to be notified. [6] Substituted for "Company Law Board" by the Companies (Second Amendment) Act, 2002. w.e.f. a date yet to be notified. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X
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