Amendment in Rules Related to Acceptance of Deposits U/s. 58A

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION

New Delhi, dated; 21^st March, 2013.

G.S.R.  (E). – In exercise of the powers conferred by section 58A read with section 642 of the Companies Act, 1956 (1 of 1956), the Central Government in consultation with the Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 1975, namely:-

1. (1) These rules may be called the Companies (Acceptance of Deposits Amendment) Rules, 2013.

    (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Acceptance of Deposits) Rules, 1975,‑

(i)   in rule 2, in clause (b), for sub clause (x), the following sub-clause shall be substituted, namely:-

“(x) any amount raised by the issue of bonds or debentures secured by the mortgage of any fixed assets referred to in Schedule VI of the Act excluding intangible assets of the company or with an option to convert them into shares in the company:

Provided that in the case of such bonds or debentures secured by the mortgage of any fixed assets referred to in Schedule VI of the Act excluding intangible assets the amount of such bonds or debentures shall not exceed the market value of such fixed assets”;

(ii) for rule 11A, the following rule shall be substituted, namely:‑

“The Regional Director or Registrd of Companies or any other officer of the Central Government shall be authorised to make complaints under sub-section (2) of section 58AAA of the Act.”.

[F No 11/2 /2012- CL-V-(A)]

(Renuka Kumar)

Joint Secretary to the Government of India

Note:- The principal notification was published in the Gazette of India, Part II, Section 3, Sub-section (i) vide number G.S.R. 432(E) dated the 18th January, 1956 and subsequently amended vide the following notifications:-