Prohibition on acceptance of deposits from public

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....ept in a manner provided under this Chapter: Provided that nothing in this sub-section shall apply to a banking company and non-banking financial company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) and to such other company as the Central Government may, after consultation with the Reserve Bank of India, specify in this behalf. (2) A company may, subject to the passing of a....

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.... of the circular along with such statement with the Registrar within thirty days before the date of issue of the circular; ^1[(c) depositing, on or before the thirtieth day of April each year, such sum which shall not be less than twenty per cent. of the amount of its deposits maturing during the following financial year and kept in a scheduled bank in a separate bank account to be called....

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....and shall be so quoted in every circular, form, advertisement or in any document related to invitation or acceptance of deposits. (3) Every deposit accepted by a company under sub-section (2) shall be repaid with interest in accordance with the terms and conditions of the agreement referred to in that sub-section. (4) Where a company fails to repay the deposit or part thereof or any interest....

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....its maturing during a financial year and the financial year next following, and kept in a scheduled bank in a separate bank account to be called as deposit repayment reserve account;" 2. Omitted vide Section 15 of the Companies (Amendment) Act, 2017 w.e.f. 15-08-2018 (Notified vide Notification No. S.O. 3300(E) dated 05-07-2018) before it was read as, "(d)&n....