73. (1) On the and you can after the beginning of the Act, no business should receive, accept or replenish dumps around it Operate regarding societal but in such a way provided not as much as it Part:
Provided absolutely nothing inside sub-point should apply to a financial business and you can non-financial financial business once the outlined in the Set aside Financial from India Work, 1934 (dos out of 1934) in order to such as most other organization due to the fact Main Bodies get, shortly after visit toward Reserve Lender off India, establish inside account.
(2) A company can get, at the mercy of new passing of a resolution generally appointment and you may subject to such as for instance laws since may be prescribed in session with this new Reserve Lender off India, undertake deposits from the participants to your instance terms and conditions, for instance the provision of safeguards, if any, or the fresh payment of such deposits having interest, as the are decideded upon amongst the providers as well as participants, at the mercy of the fulfillment of one’s following the criteria, namely:-
(a) issuance from a rounded to the players plus therein a statement exhibiting the new financial position of your own organization, the financing get acquired, the entire quantity of depositors plus the matter due to your places in respect of every earlier deposits accepted by providers and you may like almost every other details such function along with such as manner since the may be given;
Provided that but if in which a buddies does not hold the places otherwise obtains such as dumps partially, then, the places can be known as “unsecured deposits” and you will shall be therefore quoted in almost any rounded, means, ad or in people file associated with invite otherwise greeting regarding dumps
(b) submitting a duplicate of one’s game plus such as for instance report which have this new Registrar within this thirty days until the time off dilemma of the newest rounded;
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