Companies (Acceptance of Deposits) Amendment Rules, 2015

In exer­cise of the pow­ers con­ferred by sec­tions 73 and 76 read with sub-sec­tion (l) of sec­tion 469 of the Com­pa­nies Act, 2013 (lg of 2013), the Cen­tral Gov­ern­ment here­by makes the fol­low­ing rules fur­ther to amend the Com­pa­nies (Accep­tance of Deposits) Rules, 20 I 4, namely:-

1. (l) These rules may be called the Com­pa­nies (Accep­tance of Deposits) Amend­ment Rules, 2015.

(2) They shall come into force from the date of their pub­li­ca­tion in the offi­cial Gazette.

2. In the Com­pa­nies (Accep­tance of Deposits) Rules, 2014, -

(l) in rule 2, in sub-rule (l), in clause ©, -

(a) in sub-clause (vii), in Expla­na­tion (a), the fol­low­ing pro­vi­so shall be insert­ed, namely:-

 “Pro­vid­ed that unless oth­er­wise required under the Com­pa­nies Act, 1956 (l of 1956) or the Secu­ri­ties and Exchange Board of India A ct, 1992 (15 of 1992) or rules or reg­u­la­tions made there under to allot any share, stock, bond, or deben­ture with­in a spec­i­fied peri­od, if a com­pa­ny receives .my amount by way of sub­scrip­tions to any shares, stock, bonds or deben­tures before the ls’April,2014 and dis­closed in the bal­ance sheet for the finan­cial year end­ing on or before the 3lst March,2014 against which the allot­ment is pend­ing on the 3lst March,2015, the com­pa­ny shall, by the ls’June 2015, either return such amounts to the per­sons from whom these were received or allot shares, stock, bonds or deben­tures or com­ply with these rules.

(b) in sub-clause (xii), in item (b),

(A) for the words “con­sid­er­a­tion for prop­er­ty,’, the words ‚.con­sid­er­a­tion for an immov­able prcper­ty’, shall be substituted;

(B) for the words „against the prop­er­ty„, the words ..against such prop­er­ty„ shall be substituted;

© in sub-clause (xii), in the Expla­na­tion, for the words .,referred to in the first pro­vi­so„, the words “referred to in the pro­vi­so” shall be substituted;

(2) in rule 3, after sub-rule (7), the fol­low­ing sub-rule shall be insert­ed, namely-

“(8) Every eli­gi­ble com­pa­ny shall obtain, at least once in a year, cred­it rat­ing for deposits accept­ed by it in the man­ner spec­i­fied here­in below and a copy of the rat­ing shall be sent to the Reg­is­trar of com­pa­nies along with the return of deposits in Form DPT‑3;

(a) The Cred­it Rat­ing infor­ma­tion Ser­vices of India Ltd FA- (FA Minus)

(b) ICRA Ltd. MA- (MA Minus)

© Cred­it Analy­sis and Research Ltd. CARE BBB(FD)

(d) Fitch Rat­ings India Pri­vate Ltd. tA-(indxFD)

(e) Brick­work Rat­ings India Pvt Ltd. BWR F A

(f) SME Rat­ing Agency of India Ltd. SMERA A”

(3) in rule 5, in sub-rule (1), for the pro­vi­so, the fol­low­ing pro­vi­so shall be sub­sti­tut­ed, namely

“Pro­vid­ed that the com­pa­nies may accept deposits with­out deposit insur­ance con­tract till the 3l’r March, 2016 or till the avail­abil­i­ty of a deposit insur­ance prod­uct, whichev­er is earlier.”

Fur­ther Form DPT‑3 has also been amended.