MCA vide notification no. G.S.R. 1172(E) dt. 19.09.2017; notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2017, which inter alia made following amendments:
- The proviso in sub-rule (3) of rule 3 of Companies (Acceptance of Deposits) Rules, 2014 is substituted with new proviso to include IFSC Public companies in the said proviso.
- Further; maximum limit in respect of deposits to be accepted from members shall not apply to following Private Companies:
(i) a private company which is a start-up, for five years from the date of its incorporation;
(ii) a private company which fulfils all of the following conditions, namely:—
(a) which is not an associate or a subsidiary company of any other company;
(b) the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is less ; and
(c) such a company has not defaulted in the repayment of such borrowings subsisting at the time of accepting deposits under section 73.
Further, all the companies accepting deposits shall require to file the details of monies so accepted to the Registrar in Form DPT-3.
Further; Form DPT-3 is also amended and the format is given thereunder.
The said rules are available on following link:MCA Not.Dt. 19.9.17_G.S.R. 1172(E)_Dep.2nd AmdmtRule,17