law: Companies Act, 2013 
  Chapter
  
  V
  Acceptance
  
  of Deposits by Companies
  73.
  
    Prohibition
  
  on acceptance of deposits from public.
  1.      On and after the
  
  commencement of this Act, no company shall invite, accept or renew deposits
  
  under this Act from the public except in a manner provided under this Chapter:
  Provided
  
  that nothing in this sub-section shall apply to a banking company and
  
  nonbanking financial company as defined in the Reserve Bank of India Act, 1934
  
  and to such other company as the Central Government may, after consultation with
  
  the Reserve Bank of India, specify in this behalf.
  2.      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 Reserve Bank of India,
  
  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:—
  a.     
  
    issuance
  
  of a circular to its members including therein a statement showing the
  
  financial position of the company, the credit rating obtained, the total number
  
  of depositors and the amount due towards deposits in respect of any previous
  
  deposits accepted by the company and such other particulars in such form and in
  
  such manner as may be prescribed;
  b.    
  
    filing
  
  a copy of the circular along with such statement with the Registrar within
  
  thirty days before the date of issue of the circular;
  c.     
  
    depositing
  
  such sum which shall not be less than fifteen per cent. of the amount of its
  
  deposits maturing 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;
  d.    
  
    providing
  
  such deposit insurance in such manner and to such extent as may be prescribed;
  e.     
  
    certifying
  
  that the company has not committed any default in the repayment of deposits
  
  accepted either before or after the commencement of this Act or payment of
  
  interest on such deposits; and
  f.     
  
    providing
  
  security, if any for the due repayment of the amount of deposit or the interest
  
  thereon including the creation of such charge on the property or assets of the
  
  company:
  Provided
  
  that in case where a company does not secure the deposits or secures such
  
  deposits partially, then, the deposits shall be termed as ‘‘unsecured
  
  deposits’’ and shall be so quoted in every circular, form, advertisement or in
  
  any document related to invitation or acceptance of deposits.
  1.     
  2.     
  3.      Every deposit accepted
  
  by a company under sub-section (2 ) shall be repaid with interest in
  
  accordance with the terms and conditions of the agreement referred to in that
  
  sub-section.
  4.      Where a company fails
  
  to repay the deposit or part thereof or any interest thereon under sub-section
  
  (3 ), the depositor concerned may apply to the Tribunal for an order
  
  directing the company to pay the sum due or for any loss or damage incurred by
  
  him as a result of such non-payment and for such other orders as the Tribunal
  
  may deem fit.
  5.      The deposit repayment
  
  reserve account referred to in clause (c ) of sub-section (2 )
  
  shall not be used by the company for any purpose other than repayment of
  
  deposits.