Further Extension of time till 30th September 2020 to creation of deposit repayment reserve of 20% u/s. 73(2)(C) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014 vide General Circular No. 24/2020 Dated: 19th June, 2020.
Requirement under section 73(2)(c) of CA-13 to create the deposit repayment reserve of 20% of deposits maturing during the financial year 2020-21 before 30th April 2020 shall be allowed to be complied with till 30th September 2020.
VI Requirement under rule 18 of the Companies (Share Capital & Debentures) Rules, 2014 to invest or deposit at least 15% of amount of debentures maturing in specified methods of investments or deposits before 30th April 2020, may be complied with till 30th September 2020.
General Circular No. 24/2020
File No.02/08/2020-CL-V
Government of India
Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. R. P. Road, New Delhi-110001.
Dated: 19th June, 2020
To
All Regional Directors,
All Registrar of Companies,
All Stakeholders
Subject: Clarification with regard to creation of deposit repayment reserve of 20% u/s. 73 (2) (C ) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014 – COVID-19 –Extension of time-regarding.
Sir/Madam,
In continuation to General Circular No. 11/2020 dated 24th March 2020 and keeping in view the requests received from various stakeholders seeking extension of time for compliance of the subject requirements on account of Covid-19, it has been decided to further extend the time in respect of matters referred to in paras V , VI of the aforesaid circular, from 30th June 2020 to 30th September 2020. All other requirements shall remain unchanged.
2. This issues with the approval of the competent authority.
Yours faithfully,
(KMS Narayanan)
Assistant Director (policy)
Copy forwarded for information to:-
1. e-governance section and web contents officer to place the circular on MCA website.
2. Guard file.
