Companies (Acceptance of Deposits) Amendment Rules, 2001 – Notification

Ministry of Law, Justice and Company Affairs has issued a notification on May 25, 2001, amending the Companies (Acceptance of Deposits) Rules, 1975, under the Companies Act, 1956. The amendment changes the maximum interest rate for deposits from fifteen percent to fourteen percent. This adjustment applies to various entries within the forms specified in the rules and will take effect upon publication in the Official Gazette. The notification emphasizes regulatory compliance and updates the framework governing company deposits.

MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS

DEPARTMENT OF COMPANY AFFAIRS

NEW DELHI, THE 25^th MAY, 2001

NOTIFICATION

G.S.R.385(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, 2001.

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

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

(a) in rule 3, in sub-rule (1), in clause (c ) for the words ” fifteen per cent”, the words “fourteen per cent” shall be substituted;

(b) in the Form, in part I,

in item 2, in sub-item (b), —

(A) in entry (vi), for the figures “15” the figures “14” shall be substituted;

(B) in entry (vii), for the figures “15” the figures “14” shall be substituted;

(C) in entry (viii), for the figures “15” the figures “14” shall be substituted;

(c) in item 4, in sub-item (b), —

(A) in entry (vi), for the figures “15” the figures “14” shall be substituted;

(B) in entry (vii), for the figures “15” the figures “14” shall be substituted;

(C) in entry (viii), for the figures “15” the figures “14” shall be substituted.

(F.NO. 5/12/2001-CL.V)

RAMASWAMY

Joint Secretary

NOTE : The Companies (Acceptance of Deposits) Rules, 1975 published vide Notification No. G.S.R. 43(E) dt. 3-2-1975, Part II, Section 3, Sub-section i) of the Gazette of India (Extraordinary) dated 3-2-1975, subsequently amended by

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