Companies Act, 2017

PART-V

INVITATION OF DEPOSITS

Companies Act, 2017 PART-V INVITATION OF DEPOSITS From: 2023-11-01 - To: 0000-00-00 84. Prohibition on acceptance of deposits from public.- (1) On and after the commencement of this Act, no company shall invite, accept or renew deposits from the public: Provided that nothing in this sub-section shall apply to a banking company and such other company or class of companies or such deposits as the Commission may, notify in this behalf. Explanation.- For the purposes of this section, “deposit” means any deposit of money with, and includes any amount borrowed by, a company, but shall not include a loan raised by issue of debentures or a loan obtained from a banking company or financial institution or an advance against sale of goods or provision of services in the ordinary course of business. (2) Where a company accepts or…