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of <h1>Companies Act Section 76A: Penalties for Unauthorized Deposits Include Heavy Fines and Possible Imprisonment for Defaulting Officers.</h1> Section 76A of the Companies Act, 2013, addresses penalties for companies that accept or invite deposits in violation of sections 73 or 76. If a company contravenes these sections or fails to repay deposits or interest within the specified time, it faces fines ranging from one crore rupees or twice the deposit amount (whichever is lower) to ten crore rupees. Officers in default may face imprisonment up to seven years and fines between twenty-five lakh to two crore rupees. If an officer knowingly or willfully contravenes these provisions to deceive stakeholders, they may face additional penalties under section 447.
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