TMI BlogDEPOSITSX X X X Extracts X X X X X X X X Extracts X X X X ..... which and the conditions subject to which deposits may be invited or accepted by a company either from the public or from its members. No company shall invite any deposit unless such deposit are in accordance with the rules made thereunder and an advertisement including therein a statement showing the financial position of the company, has been issued by the company in such form and in such man ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Deposit on the name of Minor If the Deposit is in the name of the minor, the name of guardian should be stated in the application and the guardian signs the form for and on behalf of the minor . Deposit in Joint Name - All correspondence should be made in the name of the person whose name appears first in the order of the joint names. Deposit Receipt is not transferred by assignment, en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n an amount equal to the amount of the deposit so accepted; (ii) where such contravention relates to the invitation of any deposit, with fine which may extend to ten lakh rupees]but shall not be less than fifty thousand rupees (b) every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to five years and shall also be liable to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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