Small depositors.

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....est thereupon. (2) The intimation under sub-section (1) shall,      (a) be given within sixty days from the date of default;      (b) include particulars in respect of the names and addresses of each small depositor, the principal sum of deposits due to them and interest accrued thereon. Explanation. For removal of doubts, it is hereby declared that the ....

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....ceeding under this sub-section. (4) No company shall, at any time, accept further deposits from small depositors, unless each small depositor, whose deposit has matured, had been paid the amount of the deposit and the interest accrued thereupon: Provided that nothing contained in this sub-section shall apply to      (a) any deposit which has been renewed by the small deposit....

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....iver. (7) Where a company had accepted deposits from small depositors and subsequent to such acceptance of deposits, obtains funds by taking a loan for the purposes of its working capital from any bank, it shall first utilise the funds so obtained for the repayment of any deposit or any part thereof or any interest thereupon to the small depositor before applying such funds for any other purpose.....

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....erson contravenes any provision of this section, every person, who at the time the contravention was committed, was a director of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. (11) The provisions of section 58A shall, as far as may be, apply to the deposits made by a small depositor under this....