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
