MCA Notifies “Companies (Acceptance of Deposits) Amendment Rules, 2017”
The Ministry of Corporate Affairs (MCA) has notified the “Companies (Acceptance of Deposits) Amendment Rules, 2017”, making amendment in Rules 2(91)(c)(xviii) and Rule 5(1), applicable w.e.f. 11 May 2017, as under:
G.S.R. 454(E).—In exercise of the powers conferred by sections 73 and 76 read with sub-section (1) and sub-section (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, namely:—
1. (1) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the principal rules),—
(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.
(b) 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 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 (Sl. No./ Notification Number/ Date):-
1. G.S.R. 386(E) 6th June, 2014
2. G.S.R. 241(E) 31st March, 2015
3. G.S.R. 695(E) 15th September, 2015
4. G.S.R. 639(E) 29th June, 2016