Per the Companies Bill 2009, to be enacted by Parliament, companies, shall be prevented from accepting or renewing deposits from the public.
Banks and Non-Banking Finance Companies, can continue to accept or renew deposits.
Any (fixed) deposits, accepted by a company, prior to the commencement of this act, shall be refunded to the investor within 12 months of passage of this act.
For more details, refer to “Chapter V: Acceptance of deposits by companies”.
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