The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 64] NEW DELHI, FRIDAY, MARCH 21, 1980/CHAITRA 1, 1902
Separate psging is given to this Part in order that it may be filed as a separate
compilation
MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS
(Department of Company Affairs)
NOTIFICATION
New Delhi, the 21st March, 1980.
170 I HE GAZETTE OF INDIA ; EXTRAORDINARY [PART II—SEC. 3(i)] (2) In rule 3, for sub-iul© (2), the following sub-rule shall be substituted, namely :— rules further to amend the Companies (Acceptance of Deposits) Rules, 1975, namely :—t. These rules may be called the Companies (Acceptance
of Deposits) Amendment Rules, 1980.
2. In the Companies (Acceptance of Deposits) Rules, 1975, with effect from the first day of April, 1981,—
(1) In rule 2, in sub-rule (b), for clause (iv), the following
clan* shall be substituted, namely :—
"(2) On and from the first day of April, 1981, no com- pany shall accept or renew any deposit if the amount of any such deposit together with the amount of such other deposits, already received and outstanding on the date of receipt or renewal of such deposit, exceeds twenty-five per cent of the aggregate paid up share capital and free reserves of the company."
[No. 4/2/80-CLX] "(iv) any amount received by a company from any other company where the former company has not gone into commercial production and has not accepted any deposit from the public."
S. M. DUGAR, Member, Company Law Board