Changes made by MCA in deposit rule:
Highlights:
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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