MCA Notifies “Companies (Acceptance of Deposits) Second Amendment Rules, 2017”
The Ministry of Corporate Affairs (MCA) has notified the “Companies (Acceptance of Deposits) Second Amendment Rules, 2017”, making amendment in the proviso to Rule 3(3) relating to allowed limit of deposits applicable for a specified IFSC Public company/ private company and Form for Return of Deposits (DPT-3), as under:
G.S.R. 1172(E).—In exercise of the powers conferred by sections 73 and 76 read with sub-section (1) and sub-section (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, namely:—
1. (1) These rules may be called the Companies (Acceptance of Deposits) Second Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the principal rules), in rule 3, in sub-rule (3), for the proviso, the following shall be substituted, namely:-
“Provided that a Specified IFSC Public company and a private company may accept from its members monies not exceeding one hundred per cent. of aggregate of the paid up share capital, free reserves and securities premium account and such company shall file the details of monies so accepted to the Registrar in Form DPT-3.
Explanation.—For the purpose of this rule, a Specified IFSC Public company means an unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Services Centre located in an approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 (28 of 2005) read with the Special Economic Zones Rules, 2006:
Provided further that the maximum limit in respect of deposits to be accepted from members shall not apply to following classes of private companies, namely:—
(i) a private company which is a start-up, for five years from the date of its incorporation;
(ii) a private company which fulfils all of the following conditions, namely:—
(a) which is not an associate or a subsidiary company of any other company;
(b) the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is less ; and
(c) such a company has not defaulted in the repayment of such borrowings subsisting at the time of accepting deposits under section 73:
Provided also that all the companies accepting deposits shall file the details of monies so accepted to the Registrar in Form DPT-3.”.
3. In the principal rules, in the Annexure, for Form DPT−3, the following shall be substituted, namely:—
Return of deposits
[Pursuant to rules 3 and 16 of the Companies (Acceptance of Deposits) Rules, 2014]
(…please refer above attachment for full format)
Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R. 256(E), dated the 31st March, 2014 and were subsequently amended:- (1) Vide notification number G.S.R. 386(E) dated the 6th June, 2014; (2) Vide notification number G.S.R. 241(E) dated the 31st March, 2015; (3) Vide notification number G.S.R. 695(E) dated the 15th September, 2015; (4) Vide notification number G.S.R. 639(E) dated the 29th June, 2016; and (5) Vide notification number G.S.R. 454(E) dated the 11th May, 2017.