https://www.taxtmi.com/acts?id=12337 The section requires companies accepting small deposits to notify the Tribunal of any repayment default and supply depositor particulars on a monthly basis; the Tribunal may on receipt exercise remedial powers and issue an order within a statutory period. Companies are barred from taking further small deposits until matured small-depositor claims are paid, with limited exceptions, must disclose past defaults and interest waivers in advertisements and application forms, and must prioritise loan proceeds for repayment of small-depositor claims. Contraventions attract criminal penalties and vicarious director liability. en-us Fri, 06 May 2011 15:16:00 +0530 Sat, 07 May 2011 10:09:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12337 The section requires companies accepting small deposits to notify the Tribunal of any repayment default and supply depositor particulars on a monthly basis; the Tribunal may on receipt exercise remedial powers and issue an order within a statutory period. Companies are barred from taking further small deposits until matured small-depositor claims are paid, with limited exceptions, must disclose past defaults and interest waivers in advertisements and application forms, and must prioritise loan proceeds for repayment of small-depositor claims. Contraventions attract criminal penalties and vicarious director liability. Act-Rules Companies Law Fri, 06 May 2011 15:16:00 +0530 https://www.taxtmi.com/acts?id=12337