REGISTERED No. D(D)-72
The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORTY
No. 115] NEW DELHI, THURSDAY, APRIL 12, 1979/CHAITRA 22, 1901
Separate paging is given to this Part in order that it may be filed as a separate compilation
(595)
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598 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]599
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602 THE GAZETTE OF TNDIA : EXTRAORDINARY [PART IT—SEC. 3fi)^603
MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS
(Department of Company Affairs)
NOTIFICATION
New Delhi , the 12th April, 1979
G.S.R. 244(E>—In exercise of the powers conferred by sub-section (8) of Section 58A read with sub-section (1) of Section 642 of the Companies Act, 1956 (1 of 1956); the Central Government hereby makes the following rules, namely:—
1. Short title and Commencement .—(1) These rules may be called the Companies (Application for Extension of time or Exemption under sub-section (8) of Section 58A) Rules, 1979;
(2) They shall come into force on the date of their publication in tho Official Gazette.
2. Form of application for grant of extension of time or exomption under sub-section (8) of Section 58A.—Every company seeking extension of time or exemption under sub-section (8) of Section 58-A of the Companies Act, 1956 (I of 1956), shall apply in Form 1 appended to these rules and furnish the particulars specified therein.
3. Fee to be paid along with the application.—Every application made under Rule 2 shall be accompanied by a demand draft dnwn in favour of the pay and Accounts Officer, Department of Company Affairs, New Delhi towards payments of requisite fco as specified in the Companies (Fee on Applications) Rules, 1968.
4. Publication of notice in newspapers before making application.—Before making an application under Rule 2, the company shall publish a general notice to the members of the public at least once in an English daily nowspaper and at least once in a news paper published in language of the region having wide circulation in the regionin which tho registered office of the company is situate, in the manner specified in Form-2 appended to these rules.
FORM I
[See rule 2 of the Companies (Application for Extension of time or Exemption under sub-section (8) of Section 58-A) Rules, 1979]
Information required in respect of application for extension of time or for exemption under
sub-section (8) of Section 58-A of the Companies Act, 1956.
PART 'A'
(Basic Data)
(1) Name of the company and the address of the registered office.
(2) Date of incorporation.
(3) Date of commencement of business.
(4) Financial year of the company.
(5) Name and address of statutory Auditors of the company.
(6) Name(s) and address(cs) of Directors of the company, indicating executive position
held, if any in other companies and in case of nominee directors, the names of Institutions which they represent.
(7) Whether the company is registered under M.ILT.P. Act.
(8) The main business in which the company is engaged indicating the location of factories
etc.
(9) The date on which the last Annual General Meeting was hold and whether tho Audited
Accounts were placed in the Annual General Meeting,
(10) Names, designation and address of the Officers of the company to whom powers have
been delegated for acceptance/repayment of deposits.
(11) Equity/preference shares held by each of the following indicating sparately tho pre- centage the same bear to tho total equity/preference share capital of tho company. (a) Controlling block :
(i) Shares held by directors and their relatives, (ii) Other companies in the same management.
(b) Central/State Governments). (c) Financial Institutions (by individual names)
(d) Nationalised banks
by individual name(s)
(e) Non-residents ;
(i) Companies not incorporated in India. C^i) Foreign nationals.
(f) Shareholders not covered iu (a) to (e) above holding one per ceut or more of the
equity shares.
(g) Others :
(i) Companies, (ii) Individuals.
28GI/79—2
604 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)](12) 1
i
i
STames and addresses of brokers/agents appointed by the company for procurement of ieposits, together with terms of appointment, the rate of commission paid and copies af agreement, if any.
Mames and addresses of the financial institutions from which the company has accepted (13) 1 ong term loans, the amounts of such loans, arid the name of the load financial institu- 1 tion, if any.
PART 'B'
Financial Data
)
(
(14) Effective capital employed by the company on the closing date of last balance sheet (please indicate the date)
(i) Paid-up cpaital (li) Share premium (iii) Reserve & Surpluses (iv) (a) Free reserves
(b) Other than Free reserves
(iv) Long terms loans (a) Secured (b) Unsecured
TOTAL:
Less
Accumulated loss preliminary expenses or other Intangible Assets.
Net effective capital employed
Working results of the company for the last 3 years
(15)
Year Y
ending
ear ending on
5fear ending on
on
(i) Paid-up capital
(ii) Effective capital employed
(Sec item No. 14).
(iii) Tum-over (Iv) Net profits under Section 198 of th e Act.
(v) Dividend declared
(Rate and quantum).
(16) Net worth and liquidity position of the company during the last 3 years as m Ann-n exurel
(17) A cash flow statement indicating information (as In Annexure II) in respect of (a) preceding 3 years (b) Current financial year (c) the next 3 years
indicating in particular how the company proposes to generate surplus for pay- ment of deposits.
(18) Please indicate the outstanding liability as on the date of application towards repayments of loans and interest to each of the financial institutions from which money has been borrowed and also the amounts repayable towards principal and interest to each of them in the current financial year and during the each of the next 3 financial, yeras.
(19) Please furnish the following information relating to the position of deposits as on the date of application or as near thereto as circumstances may permit, but not earlier than 60 days from the date of application (The date as on which information is furnished should be indicated).
(A) Information as per part 'A' and part 'B' of Form prescribed under Rule 10 of
Companies (Acceptance of Deposits) Rules, 1975.
(B) (1) Total number of outstanding deposits.
(2) The amount of outstanding deposits.
(3) The break-up of outstanding deposits as per following tables,
(i) Amount of Deposits which are over-due
0.
N
Amount (a) for 2 years and more (b) for one year and more but less than 2 years (c) for 6 months and more but less than 1 year (d) for 3 months and more but less than 6 months (c) for less than 3 months
Total : Overdue deposits
605
(ii) Break-up of over due deposits as follows:—
No.
Amount particulars : Less than Rs. 1,000/- More than Rs. 1,000/- but Less than Rs. 5,000/-. Rs. 5,000/- or more.
No.
Amount (iii) Deposits which are not over-due
(a) Amount of deposits which will become repayable by 31st March
next,
(b) Amounts of deposits which will become repayable in each of noxt
half years from April to September and October to March during next 3 years,
(c) Amounts of deposits which will become due for repayment aftor the
third year mentioned in (b) above,
Total deposits
(Overdue and not overdue)
(20) Please furnish the following information about payment of interest on deposits as on the date for which information is furnished against item 19. (a) Amounts of interest already due for payment but remaining unpaid
(i) for 2 years and more
(ii) for one year and more but less than 2 years (iii) for 6 months am! nore but less than one year (iv) for 3 months and more but less than 6 months (v) for less than 3 months
(b) Amounts of Interest on deposits payment of which will become due
(i) by 31st March next (ii) in each of the next half years from April to September and October to March
during the noxt three years.
(21) Please furnish one copy each of the return filed with Registrar of Companies under Rule 10 of the Companies (Acceptance of Deposits) Rules, 1975 as on 31st March, 1975 onwards.
(22) Reasons for reduction in turnover, if any, during the last 3 years, and losses, if any, dur- ing the last 3 years. The anticipated turnover and net profits (pretax/post tax) during the next 3 years may be furnished.
Note
(i) Tho company should give up-to-date information in respect of all questions in
this part,
(ii) In case tho last date of the financial year for which tho audited accounts are avail- able is more than 12 months prior to the filing of this form, the information as on the nott financial year on the basis of the profound accounts of the company may be furnished oven though they may not bo audited,
(iii) In case the company has prepared quarterly or half yearly balance-sheet/profit and loss Accounts, the information should be furnished as on the latest, available date in the current financial year as per such accounts.
PART 'C1 PROPOSAL(S) AND REASONS
(23) Proposals) for exemption/extension (a) Please indicate in detail exemption from what and/or extension for which is/are sought quoting the relevant provisions of the Companies Act, 1956 and Com- panies (Acceptance of Deposits) Rules, 1975.
(b) Please indicate the period for which exemption/extension is sought (c) Please furnish a detailed time bound scheme of repayment of deposits during the
period for which osemption/extension is sought,
(d) Please give detailed justification for seeking exemption/extension (a) If the question of granting exemption/extension is considered, is the company agreeable to pay the entire amount of interest already due, as indicated in item 20(a) within 3 months from the date of granting, if any, of the exemption/extension ?
(f) If exemption/extension is granted will the company agree to give an undertaking
for repayment of interest in future on due dates ?
(24) Has the proposal for exemption/extension been approved by the Board of Directors ? [f so, please furnish a copy of the resolution. (If not, the company should take im- mediate steps to obtain such approval. It issuggosted that this form duly filled-in draft may be placed before the Board of Directors for consideration)
606 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)](25) If extension Is sought for repayment of deposits accepted befoie 1-2-1975, i.e. the re- payment of deposits mentioned in sub-section 3(a) of section 58-A, please furnish the following details :—
(i) Amounts of such deposits repayment of which has become over-due as on the date
of application
No.
Amount (Rs.J (a) for 3 years and more (b) for 2 years and more but leas than 3 years (c) for 1 year and more but less than 2 years (d) for fi months and mote but less than 1 year (e) for 3 months and more bat less than 6 months (f) for less than 3 months
Total :—
(iij Deposits which are not over duo
No.
Amount (Rs.) (a) Amount of deposits which will become payable by 31st March next (b) Amount of deposits which will become repayable in each of the nexl half years from April to September and October to March during the next three years.
(c) Amount of deposits which will become due for repayment after the 3rd yeui
mentioned in (b) above-
(iii) Amount of interest which has already become ropayable on such deposits and
has remained unpaid on the date of application :
No.
Amount (Rs.) (a) for 3 years and more (b) for 2 years and more but less than 3 years (c) for one year and more but less than 2 years (d) for 6 months and more but less than 1 year (e) for 3 months and more but less than 6 months (f) for less than 3 months
(26)
(iv) Reasons for which the deposits and interest thereon, if any, could not be repaid If extension is sought for repayment of deposits accepted before 1-2-75, in contravent- ion of directions issued by the Reserve Bank of India, which became repayable by 1st April, 1975 undei- sub-section 3(c) of Section 58A, please furnish the following infor- mation :—
(i) period in which such deposit was taken and the total amount of deposits, which was accepted initially in contravention of the diiections issued by the Reserve Bank of India,
(ii) Number and amount of such deposits, repayment of which is outstanding as on
the date of application-
(iii) Amount of interest, if any, duo on such deposits but remaining unpaid as on the
date of application,
(27)1
[f extension is sought for repayment of deposits accepted after 1-2-1975 in contra- vention of the Companies (Acceptance of Deposits) Rules, 1975, which became re- payable under sub-section (4) of Section 58-A, please furnish the following inform- 1 ation :—
(i) Please indicate with particular rule has been contravened und when, the circum-
stances in which the rules has been contravened and the amount involved,
(ii) If deposits have been accepted in excess of proscribed limits please furnish the
following details :
Period in which excess deposits
No.
were taken
Amount (Rs.) (a) Deposits taken initially in excess of the limit prescr ibed in rule 3(2)(iJ of the
Companies (Acceptance of Deposits) Rules, 1975.
(b) Amount of such dsposits outstanding as on the date of application (c) Amount of intorest, if any, due on such deposits but temaining unpaid as
on the date of application
(iii) (a) Deposits taken in excess of the limit prescribed in rule 3(2) (ii) of the Com-
panies (Acceptance of Deposits) Rules, 1975.
No.
Period in which excess deposits :
Amount (Rs.)
were taken
f b) Amount of such deposits outstanding as on the date of application (c) Amount of interest, if any, due on such deposits but remaining unpaid as on
the date of application,
i (iv) Reasons for which excess occ\irred and why the excess and the i)itoro;.t thereon,
if any- could not be repaid.
606/1
(28) Whether the company has accepted or renewed any deposits even after the excess men- tioned in item 27 above was known ? If so, please indicate :—
(i) The number of deposits since Accepted/Renewed, (ii) The number and amount accepted/renewed in each month after the excess was
known.
(29) (30)
(31)
(32) (33) (34)
(iii) The reasons for accepting/renewing deposits in contravention of the Rules. Whether the company is presently accepting/renewing such deposits. Whether the company had approached the R.B.I, in the past for any exemption from its directors ? If so, whether such exemption was allowed ? Please give copies of rele- vant correspondence. Full details of the investment made by the company in the shares and debentures of other bodies corporate. Is there any scope for disinvestment of such shaies, if any Full details of the loans granted by the company to other bodies corporate. Why were the loans mentioned in item 33 above not withdrawn for i epayment of de- posits 7
(35) Full details oftne cash and bank balances and ea&ilyreliable securities and investments according to the latest balance sheet of the Company.
(36) Why can't the surplus funds available as per cash flow statement be utilised for re- payment of deposits ?
(37) Is there any liquidation proceedings against the company filed by any depositor pend- ing before any High Court ? If so, please furnish the details.
(38) Is there any civil suit against the Co. filed by any depositor for recovery of deposits pending before any Court 7 If so please furnish the details.
(39) Is there any schomo of repayment approved by the High Court 7 If so, please furnish the details.
(40) Is there any scheme of rehabilitation of the company approved by the financial insti- tutions/Bankers 7 If so, please furnish the details.
(41) Has any show cause notice been received by any of the directors for contravention of the provisions of the Section 58A of the Act 7 Is so, please furnish details thereof.
(42) Is there any suit pending against the Company and/or its Directors for contravention of any or more of the provisioas of the Companies Act, 1956 ? If so, please furnish de- tails thereof.
(43) Please indicate licenced capacity, the installed capacity and production during each of the 1 ast 2 years and estimate of production during the current year and next two finan- cial years.
(44) Whether the undertaking owned by the company is in full production at present ? If now please give details and reasons thereof ?
(45) Details of interruption in production during the last 3 years such as strikes/ lock-out etc. and re.isons thereof.
(46) Details of expansion plan/investment plan of the company during the next 3 years. Please indicate whether the company has obtained any letiers of intent etc.
(47) Full details of the mortgages and other encumberances of the assets of the company
(48) Details oF the difficulties experienced by the company in achieving the full production \nd sales and how the company proposes to overcome these difficulties.
(49) Details of contracts in which directors arc interested.
Details of soiling agency arrangements, if any, in which the directors are interested.
Details of office/place of profits hold by the relatives of directors, if any.
(50) CD (52) What are the conditions which the company is prepared to undertake if exemption/ extension is granted in particular in respect of the following items :—
(i) Composition of the Board of Directors by taking the nominees of depositors or
financial institutions,
(ii) Restriction on repayment of deposits held by Directors and thoir relatives (give
details)
(iii) Given protection or security to depositors for repayment of deposits, (iv) Non acceptance and non-renewal of further deposits, (v) Professionalisation of Management, (vi) Any scheme of reorganisation subject to the supervision of the court, (vii) Restriction on declaration of dividend to shareholders during the period of exten-
sion, if any, granted,
(viii) Immediate payment of interest ahead} due and assurance for payment of interest in
future on due dates,
(ix) In any other manner.
606/2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)J(53) Any other information which ihe company wants to furnish.
(54) Please furnish the following enclosures:—
(i) One copy each of the Articles of Association of the company,
(li) One copy of each of the Audited Accounts of the company together with Directors
Report and Auditors Report for the last 3 years of the Company.
(iii) A copy of the resolution of the Board of Directors in support of the proposal. (iv) One copy of each quarterly, half-yearly or other proforma accounts of the company
subsequent to the latest audited accounts,
(v) One copy each of the Advertisement issued in newspapers pursuant to Rule 4 of
the Companies (Acceptance of Deposits) Rules, 1975.
(vi) Application fees prescribed (please furnish a crossed demand draft in favour of Pay and Accounts Officer, Department of Company Affairs, New Delhi, drawn at Punjab National Bank, Barakhamba Road, New Delhi).
(55) The newspapers in which the company has published notices regarding the intention
to apply to Central Government for exemption as in Annexure-III and date of Publica- tion, (press cutting should be attached).
Signature Name of Person (s) Designation Date :
FINANCIAL AND LIQUIDITY POSITIONS OF THE COMPANY ACCORDING 1 :O THE BALANi
ANN CE SHEETS 0
EXVRE FTHE
LAST THREE YEARS
Year ended Year ende
on
Year ended on
on
(Rs.)
(Rs.) (Rs.)
_ ~~
I
2
3
4
Current Assets (Including investments other than trade investments in subsidiary and/or managed companies)
Less Current Liabilities (including short-term loans and liabilities). (A) Liquid Surplus Add
(a) Fixed Assets (b) Trade investments and investments in subsidiary and/or managed companies.
Less
Long term loans and Liabilities.
(B) Net worth as on
(Date on Balance-sheet)
Note-I
In making the above computation of net worth, adjustments in respect of the following
items shall be made:—
(i) Intangible assets, e.g. goodwill etc. (ii) Doubtful assets e.g. doubtful and bad debts etc. (iii) Deferred revenue expenditure, (iv) Accumulated losses, (v) Arrears of depreciation,
(vi) Arrears of preference shares dividend, (vii) Any other amount, appearing in the balance-sheet, required to be deducted
in accordance with accounting practices.
Total:—
Reconciliation of Net Worth paid-up Capital.
Add
Reserves
(Please specify details)
Less
Intangible assets and any other amount required to be deducted (vide Note above).
Net worth as on
(Date of Balance-sheet). NOTE:—II—If the net worth of the company as indicated in column 4 is less than its paid-up capital, please indicaie in details what steps are prepared to be taken to improve the net worth.
606/3
ANNEXVRE II
CASHFLOW STATEMENTS
irs
Next three ye£
ivious years
Three pre
Current year
Year ended
o n . . ..
Year end;d on
Year ended o n . . ..
Year ended o n . ..
Year ended o n . . ..
Year ended on
Year ended on —
7
8
6
5
4
3
2
1
A. SOURCE OF FUNDS Sales and other income Loss cost of sales & other expendi-
ture (Excluding depreciation)
Net profit before tax and depreciation. Openllng blance of cash Additional capital raised. Increase in secured loans. Increase in other loans (Other than
deposits).
Increaso in deposits received. Decrease in current assets (other
than cash).
Increase in current liabilities Any other item to be specified.
Total
B. USE OF FUNDS
Increase in Capital Assets. Increase in investments. Secured loans repaid. Other loans repaid (other than
deposits).
Deposits repaid. Increase in current assets (other
than cash).
Decrease in current liabilities. Tax payments. Dividends. Any other item (to be specified
Closing Balance of Cash
Total:—
FORM 2 (See Rule 4)
Name of the Company. Registered Office.
Notice is hereby given that the above named Company proposes to apply to the Central Government for extension of time to comply with, or for exemption from all or any of the provisions of Section 58-A of the Companies Act, 1956 relating to deposits from public. A copy of the application made is available for inspection at registered office of the company during the working hours. Any interested person may send his objections, if any, to the Central Government by means of letter addressed to the Secretary, Department of Company Affairs 5th Floor, 'A' Wing, Shastri Bhavan, New Delhi, within thirty days from the date of publication of this notice.
[F.NO.4/2/78-CL.XI/X)] Sd/-
(M.K. KUKREJA, Joint Secy.
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