(Department of Company Affairs)
NOTIFICATION

New Delhi, the 12th of March, 2004

G.S.R. 189(E).—In exercise of the powers conferred by Section 58A read with sub-clauses (a) and (b) of Sub­section (1) of 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, 2(X)4.

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

2. In rule 2 of the Companies (Acceptance of Deposits) Rules, 1975, in clause (b), for sub-clause (ix), the following sub-clause shall be substituted, namely :—

” (ix) any amount received from a person who, at the time of the receipt of the amount, was a director of the company or any amount received from a relative of a director or its member by a private company :

Provided that the director, relative of a director or member, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting from others”.

[F. No. 5/12/2001-CL.V]

JITESH KHOSLA , Jt. Secy.

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Category : Company Law (4051)
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