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of <h1>Companies Inviting Secured Deposits Must Create Asset Charge Per Section 73, Excluding Intangible Assets, as per Companies Act</h1> Every company under sub-section (2) of section 73 and eligible companies inviting secured deposits must secure these deposits by creating a charge on their tangible assets, as per Schedule III of the Companies Act, excluding intangible assets. The security should cover the deposit amount and interest, not exceeding the market value of the assets as assessed by a registered valuer. The total security value, through deposit insurance or asset charge, must equal or exceed the deposit and interest. Valuations must be conducted by a registered merchant banker or an experienced chartered accountant. Security is created in favor of a trustee on specific movable or immovable company property.
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