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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 ..... ided 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, subject to the passing of a resolution in general m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment 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 a separate bank account to be called deposit repayment reserve account;] 2[***] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 deposit or part thereof or any interest thereon under sub-section (3), the depositor concerned may apply to the Tribunal for an ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies (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 Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 05-07-2018 , before it was read as, "such deposits;"
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