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Sub clause(xii)
Expected Impact
unsecured non-convertible
Inclusion of 3 new clauses- (e) , debentures listed on a recognized
(f), (g)
stock exchange as per SEBI
regulations
Insertion of additional clauses
(xv),(xvi),(xvii), (xviii) clarifying
Any non-interest bearing amount
more items which are excluded
from qualifying as "Deposit"
received and held in trust in course
of or for purpose of business of the
New Explanation
company:
RULE 3 :
In sub-rule (3)
Sub rule (8)
Rule 4 :
Sub-rule (2)
Rule 5 :
Sub-rule(1)
Rule 16 :
Insertion of Rule 16A
Form DPT-1
(xvi) Any amount received by the company under any collective investment scheme in
compliance with regulations framed by the Securities and Exchange Board of India
(xvii) an amount of twenty five lakh rupees or more received by a start-up company, by way of a
convertible note (convertible into equity shares or repayable within a period not exceeding five
years from the date of issue) in a single tranche, from a person.
There is a new Explanation which replaces the old one:
1. "start-up company" means a private company incorporated under the Companies Act, 2013 or
Companies Act, 1956 and recognized as such in accordance with notification number C.S.R.
180(E) dated 17t'h February, 2016 issued by the Department of Industrial Policy and Promotion,
Ministry of Commerce and industry.
2. "Convertible note" means an instrument evidencing receipt of money initially as a debt, which
is repayable at the option of the holder, or which is convertible into such number of equity shares
of the start-up company upon occurrence of specified events and as per the other terms and
conditions agreed to and indicated in the instrument.
(xviii) Any amount received by a company from Alternate Investment Funds, Domestic Venture
Capital Funds and Mutual Funds registered with the Securities and Exchange Board of India in
accordance with regulations made by it."
RULE 3:
a. Sub-rule (3) (a) now reads as "No company referred to in sub-section (2) of section 73 shall
accept or renew any deposit from its members, if the amount of such deposits together with the
amount of other deposits outstanding as on the date of acceptance or renewal of such deposits
exceeds thirty five per cent. of the aggregate of the paid-up share capital and free reserves of
the company"
b. Inserting Sub-rule 3(b), "Provided that 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 such manner as may be specified."
c. For sub-rule (8), the following sub-rule shall be substituted, namely:
"(8).- (a) Every eligible company shall obtain at least once in a year, credit rating for deposits
accepted by it and a copy of the rating shall be sent to the Registrar of Companies along with the
return of deposits in Form DpT-3
(b) The credit rating referred to in clause (a) shall not be below the minimum investment grade
rating or other specified credit rating for fixed deposits, from any one of the approved credit rating
agencies as specified for Non-Banking Financial Companies in the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998, issued by the
Reserve Bank of India, as amended from time to time."
RULE 4 :
a. Sub-rule(2) , the following sub-rule shall be substituted, namely:- " Every eligible company
intending to invite deposits shall issue a circular in the form of an advertisement in form DPT-1
for the purpose in English language in an English newspaper having country wide circulation and
in vernacular language in a vernacular newspaper having wide circulation in the State in which
the registered office of the company is situated, and shall also place such circular on the website
of the company, if any."
RULE 5 :
a. for the proviso, the following proviso shall be substituted, namely:- "Provided, that the
companies may contract till the 31s March, 2017 or product, whichever is earlier accept deposits
without deposit insurance till the availability of a deposit insurance
RULE 16 :
Insertion of RULE 16A:
"16A. Disclosures in the financial statement. - (1) every company, other than a private company,
shall disclose in its financial statement, by way of notes, about the money received from the
director. (2) Every private company shall disclose in its financial statement, by way of notes,
about the money received from the directors, or relatives of directors."
FORM DPT-1 :
In form DPT-1(Annexures), the following para shall be inserted, namely:"6. DISCLAIMER. - It is to be distinctly understood that filing of circular or circular in the Form of
advertisement with the Registrar should not in any way be deemed or construed that the same
has been cleared or approved by the Registrar or Central Government. The Registrar or Central
Government does not take any responsibility either for the financial soundness of any deposit
scheme for which the deposit is being accepted or invited or for the correctness of the statements
made or opinions expressed in the circular or circular in the Form of advertisement. The
depositors should exercise due diligence before investing in the deposits schemes."
To Download the copy of the Companies (Acceptance of Deposits) Amendment Rules,
2016 click on the below link under the Rules section on www.nclt.in
http://www.nclt.in/manager/uploads/1467280682Companies%20(Acceptance%20of%20Deposits)%20Amendment%20Rules,%202016.pdf
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