3 Definitions

(1) In these directions, unless the context otherwise requires,

(a) "banking company" means a banking company as defined in section 5(c) of the Banking Regulation Act, 1949 (10 of 1949);

(b) "company" means a company as defined in section 45 I(a) of the Reserve Bank of India Act, 1934 (2 of 1934) but does not include a company which is being wound up under any law for the time being in force;

(c) "deposit" shall have the same meaning as assigned to it in section 45 I(bb) of the Reserve Bank of India Act, 1934 (2 of 1934)";

(d) "depositor" means any person who has made a deposit with the company;

(e) "foreman" means a person who under the chit or kuri agreement or any other scheme or arrangement is responsible for the conduct of the chit or kuri or such scheme or arrangement;

(f) "free reserves" shall include the balance in the share premium account, capital and debenture redemption reserves and any other reserve shown or published in the balance sheet of a company and created through an allocation of profits, not being (i) a reserve created for repayment of any future liability or for depreciation in assets or for bad debts; or (ii) a reserve created by revaluation of the assets of the company;

(g) "miscellaneous non-banking company" means a company carrying on all or any of the types of business referred to in paragraph 2 of these directions;

(h) words or expressions used but not defined herein and defined in the Reserve Bank of India Act, 1934 (2 of 1934) shall have the same meaning as assigned to them in that Act. Any other words or expressions not defined herein or in the Reserve Bank of India Act, 1934 (2 of 1934) shall have the same meaning as assigned to them in the Companies Act, 1956 (1 of 1956).