Companies (Acceptance of Deposits) Amendment Rules, 2015

In exercise of the powers confered by sections 73 and 76 read with sub-section (l) of section 469 of the Companies Act, 2013 (lg of 2013), the Central Government hereby makes the following rules further to amend the Comparies (Acceptance of Deposits) Rules, 20 I 4, namely:- 1.

(l) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 2015.

(2) They shall come into force from the date oftheir pubrication in the officiar Gazette.

2. In tle Cornpanies (Acceptance ofDeposits) Rules, 2014, _

(l) in rule 2, in sub-rule (l), in clause (c), –

(a) in sub-clause (vii), in Explanation (a), the following proviso shall be inserted, namely:- “Provided that unless otherwise required under the Companies Act, 1956 (l of 1956) or the Securities and Exchange Board of India A ct, 1992 (15 of 1992) or rules or regulations made there under to allot any share, stock, bond, or debenture within a specified period, if a company receives .my amount by way of subscriptions to any shares, stock, bonds or debentures before the ls’April,2014 and disclosed in the balance sheet for the financial year ending on or before the 3lst March,2014 against which the allotment is pending on the 3lst March,2015, the company shall, by the ls’June 2015, either refund such amounts to the persons from whom these were received or allot shares, stock, bonds or debentures or comply with these rules.”

(b) in sub-clause (xii), in item (b),

(A) for the words “consideration for property,’, the words ,.consideration for an immovable property’, shall be substituted;

(B) for the words ,,against the property,,, the words ..against such property,, shall be substituted;

(c) in sub-clause (xii), in the Explanation, for the words .,referred to in the first proviso,,, the words “referred to in the proviso” shall be substituted; (2) in rule 3, affer sub-rule (7), the fotlowing sub-rule shall be inserted, namely “(8) Every eligible company shall obtain, at least once in a year, credit rating for deposits accepted by it in the manner specified herein below and a copy of the rating shall be sent to the Registrar of companies along with the return ofdeposits in Form DPT_3; Name of the agency Minimum investment Grade Rating (a) The Credit Rating lnformation Services oflndia Ltd FA- (FA Minus) (b) FCRA Ltd. MA- (MA Minus) (c) Credit Analysis and Research Ltd. CARE BBB(FD) (dJ Fitch Ratings lndia Private Ltd. tA-(indxFD) (e) Brickwork Ratings India Pvt Ltd. BWRFA (f) SME Rating Agency of India Ltd. SMERA A” (3) in rule 5, in sub-rule (1), for the proviso, the following proviso shall be substituted, namelyi “Provided that the companies may accept deposits without deposit insurance contract till the 3l’r March, 2016 or till the availability of a deposit insurance product, whichever is earlier.”

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