Section 15 - Amendment of section 73 - Companies (Amendment) Act, 2017

Amendment of section 73 15. In section 73 of the principal Act, in sub-section (2),- (i) for clause (c), the following clause shall be substituted, namely:- (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 a separate bank account to be called deposit repayment reserve account; ; (ii) clause (d) shall be omitted; (iii) in clause (e), for the words such deposits; , the following shall be substituted, namely:- such deposits and where a default had occurred, the company made good the default and a period of five years had lapsed since the date of making good the default; .