Prashant is the GM (Secretarial) of Magnificent Housing Finance Ltd. Its paid up capital is ₹51 lakhs. The company took ₹15 lakhs from him under an employment contract. Prashant is paid a salary of ₹2 lakhs per month. Th

In terms of proviso to sub-section (1) of Section 73 of the Companies Act, 2013, the prohibition on acceptance of deposits from public is not applicable to a banking company and non-banking financial company as defined in the Reserve Bank of India Act, 1934 and to such other company as the Central Government may, after consultation with the Reserve Bank of India, specify in this behalf. Further, the Companies (Acceptance of Deposits) Rules, 2014 are also not applicable on a banking company, a non-banking financial company, a housing finance company registered with the National Housing Bank, and a company specified by the Central Govt. under the proviso to sub-section (1) of Section 73 of the Companies Act, 2013. In the given case, Mr. Prashant is the General Manager (Secretarial) of a Housing Finance company, which is exempt as per the aforesaid provisions. Hence, there is no non-compliance of the provisions of Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.