76. Acceptance of deposits from public by certain companies
(1) Notwithstanding anything contained in section 73, a public company, having
such net worth or turnover as may be prescribed, may accept deposits from persons other
than its members subject to compliance with the requirements provided in sub-section (2) of
section 73 and subject to such rules as the Central Government may, in consultation with the
Reserve Bank of India, prescribe:
Provided that such a company shall be required to obtain the rating (including its
networth, liquidity and ability to pay its deposits on due date) from a recognised credit rating
agency for informing the public the rating given to the company at the time of invitation of
deposits from the public which ensures adequate safety and the rating shall be obtained for
every year during the tenure of deposits:
Provided further that every company accepting secured deposits from the public shall
within thirty days of such acceptance, create a charge on its assets of an amount not less
than the amount of deposits accepted in favour of the deposit holders in accordance with
such rules as may be prescribed.
(2) The provisions of this Chapter shall, mutatis mutandis, apply to the acceptance of
deposits from public under this section.