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Published byGertrude Lawrence Modified over 9 years ago
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INDEX Check points Process before acceptance Process at the time of acceptance Process after acceptance
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Check Points Check whether MOA authorises to borrow money Check the Limits of Borrowing (Section 179) Check whether any Board Resolution is passed for fixing the limit of Borrowing Check whether proposed Deposit is from shareholder (Equity or Preference)
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Check Points The Proposed Deposit is not exceeding 100% of Paid up capital and Free Reserves
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Process Notice of BM (SS-1) Agenda of BM –Convening EOGM (SS-1) Holding Board Meeting to decide date, place and time for EOGM Hold EOGM and pass “ordinary or Special Resolution (Section 73(2)
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Exemption Requirement of 73(2) (a) to (e) exempt (Issuance of circular to ROC and members, statement showing financial position of the Company, Credit Rating, Filing of Circular with ROC, Depositing minimum 15% of amount maturing during the FY and next FY in a scheduled bank in separate bank account as Deposit Repayment Reserve
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Cont.. Deposit Insurance Certificate –no default in repayment of deposits & interest accepted either before or after Act
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At the time of acceptance Term of Deposit No deposit less than 6 months or more than 36 months from the date of acceptance or renewal Company can accept deposit less than 6 months which shall not be less than 3 months – not exceeding of 10% of aggregate paid up capital and free reserves. Deposit in Joint Names – Not exceeding three (With or without Jointly, either or Survivor, First named or survivor, anyone or survivor)
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Cont.. Rate of Interest Not exceeding the maximum rate prescribed by RBI for acceptance of Deposit by NBFC Penal rate of interest- 18% pa for overdue (matured and claimed) Rate of brokerage Not exceeding the maximum rate prescribed by RBI for acceptance of Deposit by NBFC
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Cont.. File DPT -1 with ROC 30 days before issue of circular to all members Issue circular to all members by Registered post with ack due or speed post or by electronic mode in DPT-1 (Remember- hand delivery is not allowed) Circular may be published in English and Vernacular newspaper DPT- 1 shall be signed by majority of directors
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Cont... Validity of Circular Until expiry of 6 months from the close of FY in which it is issued; or Until the date on which the financial statement is laid before the Company in AGM ; or Where AGM is not held, the last date on which it should have been held Whichever is earlier
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Other Point Nomination Every Depositor can nominate – as per section 72 of the Act Issue of Deposit Receipts Within 21 days from receipt of money or realisation of cheque or date of renewal Deposit receipt shall be signed by officer who is authorised by Board Date of deposit Name and address of depositor Amount received, interest, and date of repayment
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After Acceptance Maintain Register of Deposit Entries shall be made within 7 days of issuance of receipts Entries should be authenticated by Director/CS/any other officer authorised by Board Preservation Period- 8 years from teh FY of latest entry
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Pre-mature repayment of Deposit After expiry of 6 months but before maturity period Rate of interest payable on such deposit shall be reduced by 1 % from the rate of interest payable till original maturity period
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Return of Deposit File DPT-3 on or before 30 th June of every year Information contained therein as of 31 March should be audited by auditor
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Thank you
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