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MCA Vide Notification No. G.S.R__(E) dated 05.07.2018 has issued Companies (Acceptance of Deposits) Amendment Rules, 2018 which shall come into force on 15th August, 2018

MCA vide Notification No. G.S.R__(E) dated 05.07.2018 has issued Companies (Acceptance of Deposits) Amendment Rules, 2018 which shall come into force on 15th August, 2018 to amend the Companies (Acceptance of Deposits) Rules, 2014 wherein;

  1. In rule 4, in sub-rule (1), after the proviso, the following proviso shall be inserted namely:

“Provided further that a certificate of the statutory auditor of the company  shall be attached in Form DPT-1, stating that the company has not committed default in the repayment of deposits or in the payment of interest on such deposits accepted either before or after the commencement of the Act and in case a company had committed default in the repayment of deposits accepted either before or after the commencement of the Act or in the payment of interest on such deposits, a certificate of the statutory auditor of the company shall be attached in Form DPT-1, stating that the company had made good the default and a period of five years has lapsed since the date of making good the default as the case may be”.

  1. Rule 5 shall be omitted.
  2. In rule 13, for the proviso, the following proviso shall be substituted namely:

“Provided that the amount remaining deposited shall not at any time fall below twenty percent of the amount of deposits maturing during the financial year”.

  1. In rule 14, in sub-rule (1), clause (k) shall be omitted.
  2. In the Annexure,-
  3. Form DPT-1 shall be substituted and;
  4. Form DPT-3 shall be substituted.

The said Notification can be accessed through the following link:MCANotf_GSR_(E)_dt.5.7.18_Cos(Acceptance of Deposits)Amend Rules,2018

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