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First Notes - 20 July 2016

First Notes - 20 July 2016

The MCA amends certain provisions in deposits rules

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Background

The Companies Act, 2013 (2013 Act) and the Companies (Acceptance of Deposits) Rules, 2014 (the Rules) prescribe the requirements companies should follow to accept deposits.

In the past, the Ministry of Corporate Affairs (MCA) has issued various clarifications/amendments to certain provisions of Rules vide its circulars dated 31 March 2015 and 16 September 2016.

New development

Recently, on 29 June 2016, MCA through a notification issued Companies (Acceptance of Deposits) Amendment Rules, 2016 which make certain amendments to the Rules. The amendments have come into force from the date of their publication in the official gazette i.e. from 29 June 2016.

This issue of First Notes summarises the important amendments to the Rules made by MCA.

To access the text of the MCA notification, please click here.

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