of the Companies Act; 1956 (1 of 1956).] [ASNB. Disclosure of information:-(1) A — THE RESERVE BANK OF INDIA ACT, 1934

of the Companies Act; 1956 (1 of 1956).] [ASNB. Disclosure of information:-(1) A

section 210A of the Companies Act; 1956 (1 of 1956).] [ASNB. Disclosure of information:-(1) Any information relating to non-banking financial company, contained in any statement O return submitted by such company under the provisions of this chapter; or (ii) obtained through audit or inspection or otherwise by the Bank; shall be treated as confidential and shall not, except otherwise provided in this section, be disclosed. (2) Nothing in this section shall apply to the disclosure by any non-banking financial company, with the previous permission of the Bank, of any information furnished to the Bank under sub-section (1); (b) the publication by the Bank, if it considers necessary in the public interest so to do, of any information collected by it under sub-section (1) in such consolidated form as it may think fit without disclosing the name of any non-banking financial company Or its borrowers; the disclosure or publication by the non-banking financial company or by the Bank of any such information to any other non-banking financial company O in accordance with the practice and usage customary amongst such companies o aS permitted Or required under any other law: Provided that any such information received by non-banking financial company under this clause shall not be published except in accordance with the practice and usage customary amongst companies O as permitted Or required under any other law_ (3) Notwithstanding anything contained in this Act Or in any other law for the time being in force, the Bank, if it is satisfied that; in the public interest O in the interest of the depositors Or the non-banking financial company Or to prevent the affairs of any non-banking financial company being conducted in manner detrimental to the interest of the depositors, it is expedient so to do, may, either on its own motion or on being requested, furnish O communicate any information relating to the conduct of business by any non-banking financial company to any authority constituted under any law. Notwithstanding anything contained in any law for the time being in force, no court Or tribunal o other authority shall compel the Bank to produce or to give inspection of any statement Or other material obtained by the Bank under any provisions of this chapter:] 4SNC. Power of Bank to exempt: ~The Bank; on being satisfied that it is necessary SO to do, may declare by notification in the Official Gazette that any Or all of the provisions of this Chapter shall not apply to non-banking institution or a class of non-banking institutions or non-banking financial company or to any class or non-banking financial companies either generally or for such period as may be specified, subject to such conditions, limitations or restrictions as it may think fit to impose:] 45-0. [Penalties] Omitted by the Reserve Bank of India (Amendment) Act, 1974, (51 of 1974), 22 (w.e f 13-12-1974). 4SP. [Cognizance of offence]. -~Omitted by $. 22, ibid. (w.e;f: 13-12-1974) Ins. by Act 23 of 1997, (w.e.f: 9-1-1997). 49 45Q. Chapter IIIB to override other laws.-~The provisions of this Chapter shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force O any instrument having effect by virtue of any such law:] [A5QA. Power of Company Law Board to offer repayment of deposit: ~(1) Every deposit accepted by non-banking financial company, unless renewed, shall be repaid in accordance with the terms and condition of such deposit. (2) Where non-banking financial company has failed to repay and deposit or part thereof in accordance with the terms and conditions of such deposit; the Company Law Board constituted under section 1OE of the Companies Act; 1956 (1 of 1956), may, if it is satisfied, either 0n its own motion or on an application of the depositor, that it is necessary So to do to safeguard the interests of the company, the depositors O in the public interest, direct; by order, the non-banking financial company to make repayment of such deposit or part thereof forthwith or within such time and subject to such conditions as may be specified in the order: Provided that the Company Law Board may, before making any order under this sub-section, give reasonable opportunity of being heard to the non-banking financial company and the other persons interested in the matter. 45QB. Nomination by depositors. (1) Where a deposit is held by non-banking financial institution to the credit of one Or more persons, the depositor O, as the case may be, all the depositors together may nominate, in the manner prescribed by rules made by the Central Government under section 4SZA of the Banking Regulation Act, 1949 (10 of 1949) , one person to whom in the event of the death of the sole depositor or the death of all the depositors, the amount of deposit may be returned by the non- banking financial institution. (2) Notwithstanding anything contained in any other law for the time being in force, or in any disposition, whether testamentary Or otherwise, in respect of such deposit; where nomination made purports to confer on any person the right to receive the amount of deposit from the non-banking financial institution, the nominee shall, on the death of the sole depositor O, as the case may be, on the death of all the depositors, become entitled to all the rights of the sole depositor Or , as the case may be, of the depositors, in relation to such deposit to the exclusion of all other persons, unless the nomination is varied Or cancelled in the manner prescribed by rules made by the Central Government under section 4SZA of the Banking Regulation Act, 1949 (10 of 1949). (3) Where the nominee is minor, it shall be lawful for the depositor making the nomination to appoint, in the manner prescribed by rules made by the Central Government under section 4SZA of the Banking Regulation Act, 1949 (10 of 1949), any person to receive the amount of deposit in the event of his death during the minority of the nominee. Payment by non-banking institution in accordance with the provisions of this section shall constitute a full discharge to the non-banking institution of its liability in respect of the deposit: Provided that nothing contained in this sub-section shall effect the right or claim which any person may have against the person to whom any payment is made under this section. (5) No notice of the claim of any person, other than the person O persons in whose name a deposit is held by non-banking institution, shall be receivable by the non-banking institution, nor shall the non- banking institution be bound by any such notice even though expressly given to it: Provided that where any decree order; certificate or other authority from court of competent jurisdiction relating to such deposit is produced before non-banking institution, the non-banking institution shall take due note of such decree, order, certificate O other authority:] Ins. by Act 23 of 1997, S. 8 (w.e.f: 9-1-1997). 50 '[CHAPTER IIIC PROHINITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES 45R. Interpretation: -~The words and expressions used in this Chapter and defined in Chapter IIIB shall have the meanings respectively assigned to them therein 2[45S. Deposits not to be accepted in certain cases 1) No person, being an individual or firm or an unincorporated association of individuals shall, accept any deposit if his Or its business wholly O partly includes any of the activities specified in clause (c) of

Section Section 210A