10 December 2015
In companies act 2013
sec 73 to 76,
Acceptance of Deposits
A company may, subject to the passing of a resolution in general meeting and subject to such rules as may be prescribed in consultation with the RBI, accept deposits from its members on such terms and conditions, including the provision of security, if any, or for the repayment of such deposits with interest, as may be agreed upon between the company and its members, subject to the fulfillment of the following conditions, namely
(c) depositing such sum with shall not be less than 15 % of the amounts of its deposits maturity 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
the query is:
when such amount (i.e. 15% ) to be deposited to fulfill the above conditions
or at which point of time ? + or prescribed date? at which this account to be formed and maintained??
please rply....
CAclubindia
