Furnishing of Deposit Receipts to Depositors. (1) Every company shall, on the acceptance or renewal of a deposit, furnish to the depositor or his agent a receipt for the amount received by the company, within a period of twenty one days from the date of receipt of money or realisation of cheque or date of renewal. (2) The […]

Power to Nominate Every depositor may, at any time, nominate any person to whom his deposits shall vest in the event of his death and the provisions of section 72 shall, as far as may be, apply to the nomination made under this rule. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal

Form of Application for Deposits (1) On and from the commencement of these rules, no company shall accept, or renew any deposit, whether secured or unsecured, unless an application, in such form as specified by the company, is submitted by the intending depositor for the acceptance of such deposit. (2) The form of application referred to in sub-rule (1) shall contain

Meeting of Depositors The trustee for depositors shall call a meeting of all the depositors on- (a) requisition in writing signed by at least one-tenth of the depositors in value for the time being outstanding; (b) the happening of any event, which constitutes a default or which, in the opinion of the trustee for depositors, affects the interest of the depositors. Practice area’s of B K Goyal

Duties of Trustees It shall be the duty of every trustee for depositors to- (a) ensure that the assets of the company on which charge is created together with the amount of deposit insurance are sufficient to cover the repayment of the principal amount of secured deposits outstanding and interest accrued thereon; (b) satisfy himself that the circular or advertisement inviting deposits does not contain

Appointment of Trustee for Depositors (1) No company referred to in sub-section (2) of section 73 or any eligible company shall issue a circular or advertisement inviting secured deposits unless the company has appointed one or more trustees for depositors for creating security for the deposits: Provided that a written consent shall be obtained from the trustee for depositors before their appointment and a statement shall appear in the circular or

Creation of Security (1) For the purposes of providing security, every company referred to in sub-section (2) of section 73 and every eligible company inviting secured deposits shall provide for security by way of a charge on its assets as referred to in Schedule III of the Act excluding intangible assets of the company for the due repayment of the amount of deposit and interest thereon for

Manner and Extent of Deposit Insurance Omitted] Amendment 1. Omitted by the Companies (Acceptance of Deposits) Amendment Rules, 2018 Dated 05.07.2018 Amendment shall come into force on 15th August 2018 Original Omiited Content 5 Manner and Extent of Deposit Insurance (1) Every company referred to in sub-section (2) of section 73 and every other eligible company inviting deposits shall

Form and Particulars of Advertisements or Circulars. (1) Every company referred to in sub-section (2) of section 73 intending to invite deposit from its members shall issue a circular to all its members by registered post with acknowledgement due or speed post or by electronic mode in Form DPT-1: Provided that in addition to issue of such circular to all

Terms and Conditions of Acceptance of Deposits by Companies (1) On and from the commencement of these rules,— (a) no company referred to in sub-section (2) of section 73 and no eligible company shall accept or renew any deposit, whether secured or unsecured, which is repayable on demand or upon receiving a notice within a period of less than six