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Ministry of Law, Justice, and Company Affairs issued a notification on September 25, 2001, amending the Companies (Acceptance of Deposits) Rules, 1975. Key changes include clarification that private companies can accept deposits from directors, relatives, or members, provided the funds are not borrowed. The amendment also mandates reporting of the total number of small depositors and details on waived interest if a default occurs. Additionally, the Regional Director of the Department of Company Affairs is designated as the authorized officer for complaints under Section 58AAA. These changes were made in consultation with the Reserve Bank of India.

GOVERNMENT OF INDIA

MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS

(DEPARTMENT OF COMPANY AFFAIRS)

NOTIFICATION

New Delhi, the 25th September, 2001

G.S.R. No.689(E).- In exercise of the powers conferred by sections 58A, 58AA and 58AAA, read with sub-clauses (a) and (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 1975, namely: –

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

2. Provided that the 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;”.

3. In rule 4 of the said rules, in sub-rule (2), after clause (j), the following clauses shall be inserted, namely:-

“(ja) the total number of small depositors and amount due to them in respect of which default has been made;

(jb) the fact of waiver of interest accrued on deposits of the small depositors.”.

4. After rule 11 of the said rules, the following rule shall be inserted, namely:-

“11A. The Regional Director of the Department of Company Affairs shall be the authorised officer to make complaints under sub-section (2) of section 58AAA of the Act.”.

[F.No. 1/17/2000-CL.V]

AMASWAMY

Joint Secretary to the Govt. of India

Foot Note.- The principal rules were published vide G.S.R.43(E), dated the 3rd February, 1975 and subsequently amended by:-

1. S.O. 523(E), dated the 18th September, 1975
2. S.O. 684(E), dated the 29th November, 1975
3. G.S.R. 427(E), dated the 29th June, 1976
4. G.S.R. 820(E), dated the 24th September, 1976
5. G.S.R. 965(E), dated the 29th December, 1976
6. G.S.R. 385(E), dated the 17th June, 1977
7. G.S.R. 386(E), dated the 17th June, 1977
8. G.S.R. 424(E), dated the 27th June, 1977
9. G.S.R. 793(E), dated the 30th December, 1977
10. G.S.R.200(E), dated the 30th March, 1978
11. G.S.R.252(E), dated the 27th April, 1978
12. G.S.R.341(E), dated the 29th June, 1978
13. G.S.R. 378(E), dated the 17th July, 1978
14. G.S.R. 586(E), dated the 21st December, 1978
15. G.S.R. 109(E), dated the 21st March, 1980
16. G.S.R.185(E), dated the 1st April, 1980
17. G.S.R.380(E), dated the 24th June, 1980
18. G.S.R. 435(E), dated the 18th July, 1980
19. G.S.R. 546(E), dated the 24th September, 1980
20. G.S.R. 187(E), dated the 20th March, 1981
21. G.S.R. 44(E), dated the 12th January, 1982
22. G.S.R. 286(E), dated the 19th March, 1985
23. G.S.R. 372(E), dated the 19th April, 1985
24. G.S.R. 482(E), dated the 5th June, 1985
25. G.S.R. 7(E), dated the 2nd January, 1986
26. G.S.R. 358(E), dated the 1st April, 1987
27. G.S.R. 620(E), dated the 1st July, 1987
28. G.S.R. 850(E), dated the 12th October, 1987
29. G.S.R. 551(E), dated the 7th June, 1990
30. G.S.R. 39(E), dated the 10th January, 1992
31. G.S.R. 814(E), dated the 19th October, 1992
32. G.S.R. 744(E), dated the 10th December, 1993
33. G.S.R. 767(E), dated the 1st December, 1995
34. G.S.R. 155(E), dated the 19th March, 1997

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