(1) Notwithstanding anything contained in section 73, such class of companies, as the Central Government may, in consultation with the Reserve Bank of India, prescribe, may accept deposits from persons other than its members subject to compliance with the requirements provided in sub-section (2) of section 73 and such other conditions as may be prescribed, including the conditions relating to—

1. issuing of advertisement or circular inviting deposits;
2. the manner and conditions subject to which the deposits shall be accepted;
3. the amount of deposit;
4. the rate of interest payable on such deposits;
5. the security, if any, for the due repayment of the amount of deposit or interest thereon;
6. creation of a charge for the purpose of securing the deposits;
7. repayment of the deposits and interest thereon;
8. insurance of the deposits;
9. the maintenance of liquid assets.

(2) 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.

(3) Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in excess of the limits prescribed under this section, or the conditions prescribed under this section for the acceptance of deposits are not complied with by the company, the company and every officer of the company who is in default shall be punishable in the manner specified in sub-section (3) of section 74.