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of <h1>Member-only company deposits: resolution, circular filing, and 20% repayment reserve; depositors can seek orders if repayment defaults.</h1> No company may invite, accept, or renew deposits from the public except as permitted under Chapter V, with this prohibition not applying to banking companies, NBFCs, and other companies as may be specified after consultation with RBI. A company may accept deposits only from its members by passing a resolution in a general meeting and complying with prescribed conditions, including issuing and filing a prescribed circular, maintaining a deposit repayment reserve account in a scheduled bank with at least 20% of deposits maturing in the following financial year (by 30 April each year), ensuring no subsisting default (or that any default was cured and five years have elapsed), and disclosing whether deposits are unsecured where not fully secured; deposits must be repaid with agreed interest, and depositors may seek Tribunal orders for payment and consequential loss, while the reserve account may be used only for repayment.
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