13 Maintenance of Liquid Assets and Creation of Deposit Repayment Reserve Account.

Every company referred to in sub-section (2) of section 73 and every eligible company shall on or before the 30th day of April of each year deposit the sum as specified in clause (c) of the said sub-section with any scheduled bank and the amount so deposited shall not be utilised for any purpose other than for the repayment of deposits:

1[Provided that the amount remaining deposited shall not at any time fall below twenty per cent. of the amount of deposits maturing during the financial year.]

Amendments

1.Substituted by the Companies (Acceptance of Deposits) Amendment Rules, 2018: Amendment shall come into force on 15th August 2018

in rule 13, for the proviso,

Provided that the amount remaining deposited shall not at any time fall below fifteen per cent. of the amount of deposits maturing, until the end of the current financial year and the next financial year.

the following shall be substituted, namely:-

"Provided that the amount remaining deposited shall not at any time fall below twenty per cent. of the amount of deposits maturing during the financial year."