Companies (Acceptance of Deposits) Rules, 2020

Last updated: 08 September 2020
Quick Summary
The Ministry of Corporate Affairs has issued the Companies (Acceptance of Deposits) Amendment Rules, 2020. These rules amend the 2014 regulations and came into effect upon publication in the Official Gazette. Key changes include extending the period from five years to ten years in specific clauses related to deposit acceptance.

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 7th September, 2020 G.S.R. 548 (E).In exercise of the powers conferred by section 73 read with sub-sections (1) and (2) of section 469 of theCompanies Act, 2013 (18 of 2013), the Central Government in consultation with the Reserve Ba
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FAQ :

These are new rules made by the Central Government, in consultation with the Reserve Bank of India, to further amend the Companies (Acceptance of Deposits) Rules, 2014.

The Companies (Acceptance of Deposits) Amendment Rules, 2020, came into force on the date of their publication in the Official Gazette.

A significant change is the substitution of 'five years' with 'ten years' in certain clauses of the principal rules, specifically concerning the period for acceptance of deposits.

Rule 2, sub-rule (1), clause (c), sub-clause (xvii) and Rule 3, sub-rule (3), second proviso, clause (i) of the Companies (Acceptance of Deposits) Rules, 2014 have been amended.

 

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Notification No : F. No. 1/8/2013- CL-V Vol VI
Published in Corporate Law
Source : http://www.mca.gov.in/Ministry/pdf/Rule_08092020.pdf
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