Date: 2015-09-15Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sections 73 and 76 read with sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Govt., hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, namely
Executive Summary:
This notification from the Ministry of Corporate Affairs announces the Companies Acceptance of Deposits Second Amendment Rules, 2015, effective from the date of publication in the Official Gazette. It amends the Companies Acceptance of Deposits Rules, 2014, focusing on amounts received from company directors or their relatives and modifies provisions related to paid-up share capital and free reserves.
Key Points / Main Content:
Amendments to Companies Acceptance of Deposits Rules, 2014:
* **Effective Date:** The rules come into force on the date of their publication in the Official Gazette.
* **Amendment to Rule 2 (Definitions):**
* Subclause (viii) of clause (c) in sub-rule (1) of rule 2 is substituted.
* The substitution pertains to any amount received from a company director or a relative of a director of a private company.
* A declaration in writing must be furnished to the company at the time of giving the money to the effect that the amount is not being given out of funds acquired by borrowing or accepting loans or deposits from others.
* The company must disclose details of money so accepted in the Board's report.
* **Amendment to Rule 3:**
* The words "paid-up share capital and free reserves" are substituted with "paid-up share capital, free reserves and securities premium account" wherever they occur.
* In sub-rule 8, in the Table, for item e and entries relating thereto the following shall be substituted, namely: e Brickwork Ratings India Pvt Ltd Brickwork BWR FBBB.
Impact Analysis:
Companies:
* Impact: Companies need to comply with the new rules regarding acceptance of deposits, particularly from directors and their relatives. They must also adjust their accounting practices to include "securities premium account" in relevant calculations.
* Action Required: Update internal policies and procedures, ensure proper declarations are obtained and documented, and modify financial reporting to reflect the changes.
Directors and Relatives of Directors of Private Companies:
* Impact: Directors and their relatives providing funds to private companies must furnish a written declaration regarding the source of funds.
* Action Required: Prepare and submit the required declaration when providing funds to the company.
Brickwork Ratings India Pvt Ltd:
* Impact: Change to the entry in the Table under sub-rule 8 for item e.
* Action Required: Note change to rating.
Key Entities Referenced
Companies Act, 2013: A law enacted by the Parliament of India that governs company law in India.
Companies Acceptance of Deposits Rules, 2014: A set of rules pertaining to the acceptance of deposits by companies, as per the Companies Act, 2013.
Ministry of Corporate Affairs: The Indian government ministry responsible for regulating corporate affairs in India.
New Delhi: The capital of India, where the notification was issued.
Brickwork Ratings India Pvt Ltd: A credit rating agency registered in India.
Official Gazette: A publication of the Indian government where official notifications, rules, and regulations are published.
Central Government: The executive authority of the Union of India.
AMARDEEP SINGH BHATIA: Joint Secretary in the Ministry of Corporate Affairs who is issuing the notification.
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MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 15th September, 2015
G.S.R. 695(E).—In exercise of the powers conferred by sections 73 and 76 read with sub-section (1) of section
469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to
amend the Companies (Acceptance of Deposits) Rules, 2014, namely:—
1. (1) These rules may be called the Companies (Acceptance of Deposits) Second Amendment Rules, 2015.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as said rules), in rule 2, in sub-rule
(1), in clause (c), for sub-clause (viii), the following shall be substituted, namely:—
“(viii) any amount received from a person who, at the time of the receipt of the amount, was a director of the
company or a relative of the director of the private company:
Provided that the director of the company or relative of the director of the private company, as the case
may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration
in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or
accepting loans or deposits from others and the company shall disclose the details of money so accepted in the
Board’s report;”.
3. In the said rules, in rule 3,—
(a) for the words “paid-up share capital and free reserves”, wherever they occur, the words “paid-up share
capital, free reserves and securities premium account” shall be substituted;
(b) in sub-rule (8), in the Table, for item (e) and entries relating thereto the following shall be substituted,
namely:-
“(e) Brickwork Ratings India Pvt Ltd (Brickwork) BWR FBBB”.
[F. No 1/8/2013-CL-V]
AMARDEEP SINGH BHATIA, Jt. Secy.
Note.—The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide
number G.S.R. 256(E), dated the 31st March, 2014 and were subsequently modified vide number G.S.R. 386(E), dated
the 6th June, 2014 and G.S.R. 241(E), dated the 31st March, 2015.
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