Monday, July 4, 2016

Changes made by MCA in deposit rule-MCA vide G.S.R.(E) notification dated 29.06.2016

Changes made by MCA in deposit rule:

MCA vide G.S.R.(E) notification dated 29.06.2016 has made following amendments in Companies (Acceptance of Deposits) Amendment Rules, 2016.

In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the principal rules), in rule 2 in sub_rule (1), in clause (c)-

The following things are not deposits henceforth...

(1) Now we can issue compulsorily convertible debenture up to 10 years

(2) NCD unsecured listed at stock exchange

(3) Now it should be non-interest bearing received and held trust

(4)Advance received for providing services in form of
Warranty or maintenance contract, the services should be provided as per common business practice or within 5 years whichever is less

(5) Amount received from sectoral regulatory as per
instruction of Govt.

(6) Advance received by the publishers

(7) Subscription amount received by the Chit Companies

(8) Amount received by the collective investment scheme as SEBI

(9) Amount received by start-up companies Rs. 25 lakhs or above by issuing convertible note into equity or refundable

(10) Amount received by a company from alternative
investment funds/ domestic venture capital funds/
mutual fund registered with SEBI.

At financial statements, the disclosure to be made about amount received from Directors and relatives

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