(1) On and after the commencement of this Act, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter:<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
(2) A company may, subject to the passing of a resolution in general meeting and subject to such rules as may be prescribed in consultation with the Reserve Bank of India, accept deposits from its members on such terms and conditions, including the provision of security, if any, or for the repayment of such deposits with interest, as may be agreed upon between the company and its members, subject to the fulfilment of the following conditions, namely:–<\/p>\n\n\n\n
(a) issuance of a circular to its members including therein a statement showing the financial position of the company, the credit rating obtained, the total number of depositors and the amount due towards deposits in respect of any previous deposits accepted by the company and such other particulars in such form and in such manner as may be prescribed;<\/p>\n\n\n\n
(b) filing a copy of the circular along with such statement with the Registrar within thirty days before the date of issue of the circular;<\/p>\n\n\n\n
<\/span>1<\/sup><\/a><\/span>[(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;]<\/p>\n\n\n\n <\/span>2<\/sup><\/a><\/span>*\u00a0*\u00a0*\u00a0*\u00a0*<\/p>\n\n\n\n
\n\n\n\n
\n\n\n\n