Explain the provisions contained in the Cos. Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014, which are primarily aimed at protecting the interests of the depositors.

Following are the provisions which are primarily aimed at protecting the interest of the depositors: Creation of Security - Every company accepting deposits is required to provide a security to the deposit holders by a charge on it's assets referred to in schedule III of the Act excluding intangible assets for due repayment of the amount of deposit and interest thereon. The amount of deposits and the interest payable secured by a charge on the assets shall not exceed the market value of such assets as assessed by a registered valuer. The security for the deposit shall be created in favour of the trustee for depositors on specific moveable property and specific immovable property of the company wherever situated. Trustee for Depositors - Every company accepting deposits from the public is required to appoint a trustee for depositors to safeguard the interest of the depositors. The trustee for depositors is required to protect the interest of the depositors. In this direction a number of duties have been entrusted to the trustees. Section 76 A of the Companies Act, 2013 states that Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76 or rules made there under or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made there under or such further time as may be allowed by the Tribunal under section 73,- the company shall, in addition to the payment of the amount of deposit or part thereof and the interest due, be punishable with fine which shall not be less than ₹1 crore or twice the amount of deposit accepted by the company, whichever is lower but which may extend to ₹10 crore; and every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years and with fine which shall not be less than ₹25 lakhs but which may extend to ₹2 crore Provided that if it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447 of the Companies Act, 2013.