Ministry of Corporate Affairs came with amendment to the Companies (Acceptance of Deposits) Rules, 2014, last month. These rules has been published in official gazette on 29th June 2016 and came into force on that date. In this post, we will discuss these amendments. Continue reading
“Ease of doing business” certainly is a joke invoked once again by the Government on eve of closing of financial year 2014 – 15. Even a fast track professional cannot study implication and advice companies about. This became bigger prank when it is meant to give relief to private companies with lesser resources. As one senior company secretary comments, “This clarification is being given on 30th March, 2015 when many companies have either repaid or have filed petitions with the CLB for extension of time to repay the deposits”. Another professional summarise it as “too little, too late”.
Before reading this well intended circulars, circumstance show this now may help intentional defaulters as law abiding corporate already following some process with almost no scope of reversibility.
Now we may read the general circular 05/2015 issued on 30th March 2015 (afternoon, almost before 36 hours of calendar deadline and just before 12 hours of working deadline).
The Companies Amendment Bill 2014 has been introduced and passed in Lok Sabha recently. This blog post has intention to analyse proposed changes in the Companies Act 2013.
Most important massage, this amendment prepares a best case for drafting skill development programmes in India. I am reading here this Bill clause by clause. This will be a three part series and part 1 of 3 is present here.
To amend clauses (68), (71) of Section 2 and Section 11 of the said Act to omit the requirement for minimum paid-up share capital [Clause 2 and 4 of the Amendment Bill]:
Posted in Chapter I - CA2013, Chapter II - CA2013, Chapter V - CA2013, Chapter VII – CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Common Seal, Companies Act 2013, Corporate Law, deposits, India, Ministry of corporate affairs, Private Company, Public Company, Registrar of Companies, Resolution, The Companies Amendment Bill 2014
In this post we will discuss, Registers required to be maintained and Returns required to be filed under the Companies (Acceptance of Deposit) Rules 2014.
REGISTERS OF DEPOSITS [Rules 14]:
In our last post here, we discussed protection of deposits.
DUTIES OF TRUSTEES [Rule 8]:
It shall be the duty of every trustee for depositors to-
(a) ensure that the assets of the company on which charge is created together with the amount of deposit insurance are sufficient to cover the repayment of the principal amount of secured deposits outstanding and interest accrued thereon;