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May 2013

Companies ( Acceptance of Deposits Amendments) Rules 2013

By Sejal Vasa, Company Secretary
Reading Time 2 mins
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The Ministry of Corporate Affairs has vide notification dated 21st March 2013 issued amendments to the Companies ( Acceptance of Deposits ) Rules 1975 whereby the following sub-clause is to be substituted in (i) in rule 2, in clause (b), for Clause (x):

“(x) any amount raised by the issue of bonds or debentures secured by the mortgage of any fixed assets referred to in Schedule VI of the Act excluding intangible assets of the Company or with an option to convert them into shares in the Company:

Provided that in the case of such bonds or debentures secured by the mortgage of fixed assets referred to in Schedule VI of the Act excluding intangible Assets the amount of such bonds or debentures shall not exceed intangible assets the amount of such bonds or debentures shall not exceed the market value of such fixed assets : Rule 11A of “The regional director of the Department of Company Affairs shall be authorised officer to make complaints under s/s. (2) of section 58AAA of the Act.”

is substituted as follows:

“The Regional Director or Registrar of Companies or any other officer of the Csdddddentral Government shall be authorised to make complaints under s/s. (2) of section 58AAA of the Act.

“Full version of the Circular can be accessed on http://www.mca.gov.in/Ministry/pdf/noti_ Rules_20130010_dated_21mar2013.pdf

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