Section 74 — Repayment of deposits, etc., accepted before commencement of this Act

(1) Where in respect
of any deposit accepted by a company before the comm encement of this Act, the amount of such deposit
or part thereof or any interest due thereon remains unpaid on such commencement or becomes due at any
time thereafter, the company shall—
(a) file, within a period of three months from such commencement or from the date on which such
payments, are due, with the Registrar a statement of all the deposits accepted by the company and sums
remaining unpaid on such amount with the interest payable thereon along with the arrangements made
for such repayment, notwithstanding anything contained in any other law for the time being in force or
under the terms and conditions subject to which the deposit was accepted or any scheme framed under
any law; and
4[(b) repay within three years from such commencement or on or befo re expiry of the period for
which the deposits were accepted, whichever is earlier:
Provided that renewal of any such deposits shall be done in accordance with the provisions of
Chapter V and the rules made thereunder.]
(2) The Tribunal may on an application made by the company, after considering the financial condition
of the company, the amount of deposit or part thereof and the interest payable thereon and such other
matters, allow further time as considered reasonable to the company to repay the deposit.
(3) If a company fails to repay the deposit or part thereof or any interest thereon within the time