Companies (Acceptance of Deposits) Amendment Rules, 2017

Companies (Acceptance of Deposits) Amendment Rules, 2017

Ministry of Corporate Affairs vide its Notification dated 11th May, 2017 has made the following amendments in the Companies (Acceptance of Deposits) Rules, 2014 through the Companies (Acceptance of Deposits) Amendment Rules, 2017-

In the Companies (Acceptance of Deposits) Rules, 2014

1. Amendment in Rule 2(1)(c)(xviii)

(a) in rule 2, in sub-rule (1), in clause (c), in sub-clause (XVIII), after the words “Domestic Venture Capital Funds” the words”, Infrastructure Investment Trusts” shall be inserted.

The amended Rule 2(1)(c) (xviii) read as follows:

(xviii) any amount received by a company from Alternate Investment Funds, Domestic Venture Capital Funds, Infrastructure Investment Trusts and Mutual Funds registered with the Securities and Exchange Board of India in accordance with regulations made by it.”

 

2. Amendment in proviso to Rule 5 in sub-rule (1)-

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

“Provided that the companies may accept deposits without deposit insurance cover till the 31st March, 2018 or till the availability of deposit insurance product, whichever is earlier.”

Proviso to Rule 5 in sub-rule 1 has been substituted as follows:

“Provided that the companies may accept deposits without deposit insurance cover till the 31st March, 2018 or till the availability of deposit insurance product, whichever is

earlier.”

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 as detailed below:-

1. Notification number G.S.R. 386(E) dated 6th June, 2014.

2. Notification number G.S.R. 241(E) dated 31st March, 2015

3. Notification number G.S.R. 695(E) dated 15th September, 2015

4. Notification number G.S.R. 639(E) dated 29th June, 2016

 

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