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of <h1>Companies Must Report and Repay Pre-2013 Deposits Under Section 74 of Companies Act; Non-Compliance Leads to Severe Penalties.</h1> Section 74 of the Companies Act, 2013 mandates that companies must address deposits accepted before the Act's commencement. Companies are required to file a statement with the Registrar within three months, detailing unpaid deposits and interest, and the arrangements for repayment. Repayment must occur within three years or by the deposit's original term, whichever is earlier. Companies may seek additional time from the Tribunal based on their financial condition. Failure to comply results in fines ranging from one crore to ten crore rupees, and responsible officers may face imprisonment up to seven years or fines between twenty-five lakh and two crore rupees.
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