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TMI BlogTerms and conditions of acceptance of deposits by companies.X X X X Extracts X X X X X X X X Extracts X X X X ..... ccept or renew such deposits for repayment earlier than six months from the date of deposit or renewal, as the case may be, subject to the condition that- (a) such deposits shall not exceed ten per cent. of the aggregate of the paid up share capital and free reserves of the company, and (b) such deposits are repayable not earlier than three months from the date of such deposits or renewal thereof. (2) Where depositors so desire, deposits may be accepted in joint names not exceeding three, with or without any of the clauses, namely, Jointly , Either or Survivor , First named or Survivor , Anyone or Survivor . (3) No company referred to in sub-section (2) of section 73 shall accept or renew any deposit from its members, if the amount of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y; (b) the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is less ; and (c) such a company has not defaulted in the repayment of such borrowings subsisting at the time of accepting deposits under section 73: Provided also that all the companies accepting deposits shall file the details of monies so accepted to the Registrar in Form DPT-3] (4) No eligible company shall accept or renew- (a) any deposit from its members, if the amount of such deposit together with the amount of deposits outstanding as on the date of acceptance or renewal of such deposits from members exceeds ten per cent. of the aggregate of the 2 [paid-up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany shall not reserve to itself either directly or indirectly a right to alter, to the prejudice or disadvantage of the depositor, any of the terms and conditions of the deposit, deposit trust deed and deposit insurance contract after circular or circular in the form of advertisement is issued and deposits are accepted. 6 [(8).- (a) Every eligible company shall obtain, at least once in a year, credit rating for deposits accepted by it and a copy of the rating shall be sent to the Registrar of Companies alongwith the return of deposits in Form DPT-3. (b) The credit rating referred to in clause (a) shall not be below the minimum investment grade rating or other specified credit rating for fixed deposits, from any one of the approved credit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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