https://www.taxtmi.com/acts?id=12336 Central Government, with the Reserve Bank of India, may prescribe limits, manner and conditions for companies to invite or accept deposits. Companies must comply with those rules, issue a prescribed advertisement disclosing financial position, and not be in default on repayment or interest. Deposits taken in contravention must be repaid within short prescribed periods or as extended; prior deposits follow specified repayment and renewal conditions. Non-compliance exposes companies and defaulting officers to fines, imprisonment and Tribunal-ordered repayment measures. Exemptions and nomination rights are provided and "deposit" is broadly defined subject to prescribed exclusions. en-us Fri, 06 May 2011 15:04:51 +0530 Fri, 06 May 2011 15:05:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12336 Central Government, with the Reserve Bank of India, may prescribe limits, manner and conditions for companies to invite or accept deposits. Companies must comply with those rules, issue a prescribed advertisement disclosing financial position, and not be in default on repayment or interest. Deposits taken in contravention must be repaid within short prescribed periods or as extended; prior deposits follow specified repayment and renewal conditions. Non-compliance exposes companies and defaulting officers to fines, imprisonment and Tribunal-ordered repayment measures. Exemptions and nomination rights are provided and "deposit" is broadly defined subject to prescribed exclusions. Act-Rules Companies Law Fri, 06 May 2011 15:04:51 +0530 https://www.taxtmi.com/acts?id=12336