The Central Government, in consultation with Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 1975, namely :

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (i)

PUBLISHED BY AUTHORITY

No. 601] NEW DELHI, THURSDAY, NOVEMBER 29, 2001/AGRAHAYANA 8,19231700 GI/2001 ( 1) 2 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3 (i)] public deposits matured and claimed bui remaining unpaid. In case of deposil made by a small depositor, the penal rate of interest shall be twenty per cent compoundable on an annual basis Explanation—For the purposes of this* rule, the expression "a small depositor" has the same meaning as assigned to it in the explanation to Section 58AA of the Act:'

[No. 1/17/2000-CL.V] A. RAMASWAMY, Jt. Secy.

FOOT NOTE; The Companies (Acceptance of Deposits) Rule, 1975 published vide Notification No. G.S.R. 43(E) dt. 3-2-1975, Part II, Section 3, Sub-section (i) of the Gazette of India (Extraordinary) dated 3-2-1975, subsequently amended by Notification Mo :—

MINISTRY OF I AW, JUSTICE ANt) COMPANY

AFFAIRS

(Department of Company Affairs)

NOTIFICATION New Delhi, the 28th November, 2001 G.S.R. 873(E).—In exercise of the powers conferred by section 58A read with section 642 of the Companies Act, 1956 (] of 1956), the Central Government, in consultation with Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 1975, namely :•—

1, (1) These rules may be called the Companies (Acceptance of Deposits) Third Amendment Rules, 2001. (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Acceptance of Deposits) Rules, 1975,—

(a) in rule 2, after clause (d), the following clause shall be inserted, namely :— '(e) L'net owned fund" has the same meaning as assigned to it in the Reserve Bank of India Act, 1934(2 of 1934)';

(b) in rule 3, in sub-rule (1), after clause (d), the following clause shall be inserted, namely:— ' '(e) "no company with a hQt owned fund of less than rupees one crorc shall invite public deposits" ';

(c) after rule 8, the following rule shall be inserted, namely

"8A Penal rate of interest.—A penal rate of interest of eighteen per cent shall be paid for the overdue period in case of S.O.524(E) dated 18.9.1975 S.0.684(E)dated 29.11.1975 G.S.R. 427(E) dated 29.6,-1976 G.S.R. 820(E)daled24.9.1976 G.S.R. 965(E) dated29.12.1976 G.S.R. 385(E) dated 17.6.1977 G.S.R. 386

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27, 28. 29, 30. 31. 32. 33. 34. 35.

36. G.S.R. 689(E) dated25.9,2001Printed by the Manager, Govt, of India Proas, King Road, Mayapun, New Delhi-110064 and Published by the Controller of Publications, Delhi-110034.