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.

MINISTRY OF FINANCE

(Department of Company Affairs)

NOTIFICATION

New Delhi, the 19th March, 1997

GSR 155 (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 :‑

(a) These Rules may be called the Companies (Acceptance of Deposits Amendment) Rules, 1997.

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

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

(i) after sub-rule (1) of rule 3. the following shall be inserted, namely:-

“(1A) On and from 1st day of March, 1997 no company shall accept or renew any deposits in any form if it is in default in the repayment of any deposit or part thereof and any interest thereupon in accordance with the terms and conditions of such deposit.'”;

(ii) after sub-clause (iii) of clause (k) of sub-rule (2) of rule 4 the following shall be inserted, namely:‑

“(iv) that the company is not in default in the repayment of any deposit or part thereof and any interest thereupon in accordance with terms and conditions of such deposits.”.

[F. No. 1/2/97-CL.V] R.D. JOSHI, It Secy.

Footnote :- The principal rules were published vide GSR 43 (E) dated 3-2-1975 and subsequently amended by:‑

1. S.O. 684 (E) dated 29-11-1975

3. G.S.R. 427 (E) dated 29-6-1976

4. G.S.R. 820 (E) dated 24-9-1976

5  G.S.R. 965 (E) dated 29-12-1976

6  G.S.R. 385 (E) dated 17-6-1977

7. G.S.R. 386 (E) dated17-6-1977

8. G.S.R. 424 (E) dated 27-6-1977

9.G.S.R.793 (E) dated 20-12-1977

10.G.S.R. 200 (E) dated 30-3-1978

11. G.S.R. 252 (E) dated 27-4-1978

12. G.S.R. 341 (E) dated 29-6-1978

13.  G.S.R. 378 (E) dated 17-7-1978

14.G.S.R. 586 (E) dated 21-12-1978

15. G.S.R. 109 (E) dated 21-3-1980

16.  G.S.R.185 (E) dated 1-4-1980

17.G.S.R. 380 (E) dated 24-6-1980

18.G.S.R. 435 (E) dated 18-7-1980

19  G.S.R. 546 (E) dated 24-9-1980

20G.S.R. 187 (E) dated 20-3-1981

21G.S.R. 44 (E) dated12-1-I982

22. G.S.R. 286 (E) dated 19-3-1985

23. G.S.R. 372 (E) dated 19-4-1985

24 G.S.R. 7 (E) dated 2-1-1986

26.G.S.R. 358 (E) dated 1-4-1987

27. G.S.R. 620 (E) dated 1-7-1987

28.G.S.R. 850 (E) dated 12-10-1987

29.G.S.R. 551 (E) dated 7-6-1990

30.G.S.R. 39 (E) dated 10-1-1992

31G.S.R. 814 (E) dated 19-10-1992

32.G.S.R. 744 (E) dated 10-12-1993

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