Extension of timelines for creation of Deposit Repayment Reserve and investment of 15% amount of maturing Debentures

MCA vide circular dated 19^th June, 2020 further extends timelines in continuation to earlier circular 11/2020 dated 24^th March, 2020 for the following compliances under Companies Act, 2013:

• Section 73(2)(c)- Requirement to create the Deposit Repayment Reserve of 20% of deposits maturing during the Financial Year 2020-21 before 30^th April, 2020 has been further extended from 30^th June, 2020 to 30th September, 2020.

• Rule 18 of the Companies (Share Capital & Debentures) Rules, 2014– Requirement to invest or deposit at least 15% of amount of debentures maturing in specified methods of investments or deposits before 30th April 2020, has been further extended from 30^th June, 2020 to 30th September, 2020.

 

The complete circular is attached herewith:

Circular24_20062020