Appointment of additional director

Firstly,p provisions of section 160 of the act has not provided for any specific mode of payment of the deposit amount. However, with a view to ensure transparency and bring the facts on record it would be advisable to make payment through banking channel only, i.e. cheque/DD/RTGS etc. and not in cash.
Now, as regards refund of deposit is concerned, the co.shall refund the deposit amount in case the candidate is appointed as director at the general meeting, or he gets more than 25% of valid votes cast.
The company should keep the deposit under any appropriate head under Current Liabiities. In case the deposit is forfeited, it should be transferred to Other Income.
When the co.received the deposit via cheque and accounted for it properly, it shall not be deemed to be contravention of provision merely because of the fact that it could not encashed it before the date of AGM.
That's my view, let's see what other members says.

i want to clear some thing in this query

you said that additional director can not be appointed in AGM
right to appoint as an additional director is rest only with BOD u/s 161(1)

and giving to answer your query that sec.160 bound to person perposing director for depositing a sum of rs. 1 lac and co. should refund it in case if person appointed a director in agm or receive atleast 25% valid vote cast
section and any rule is not provide anywhere that co. should receive that money or clear cheak

you said that additional director appointed in agm but additional director can not be appointed in AGM
right to appoint as an additional director is rest only with BOD u/s 161(1)