Rule 17Chapter 8
Penal rate of interest
Every company shall pay a penal rate of interest of eighteen per cent. per annum for the overdue period in case of deposits, whether secured or unsecured, matured and claimed but remaining unpaid
Complied AIBack to law libraryReading nowCompanies Rules under the Companies Act, 201355 chapters · 1109 rulesChapters55
- ¶Chapter 8 overview
- 1Short title, commencement and application
- 2Definitions
- 3Terms and conditions of acceptance of deposits by companies
- 4Form and particulars of advertisements or circulars
- 5Manner and extent of deposit insurance
- 6Creation of security
- 7Appointment of trustee for depositors
- 8Duties of trustees
- 9Meeting of depositors
- 10Form of application for deposits
- 11Power to nominate
- 12Furnishing of deposit receipts to depositors
- 13Maintenance of liquid assets and creation of deposit repayment reserve account
- 14Registers of deposits
- 15General provisions regarding premature repayment of deposits
- 16Return of deposits to be filed with the Registrar
- 17Penal rate of interest
- 18Power of Central Government to decide certain questions
- 19Applicability of sections 73 and 74 to eligible companies
- 20Statement regarding deposits existing as on the date of commencement of the Act
- 21Punishment for contravention
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