REGISTERED No. D. (D)—72
The Gazette of India
EXTRAORDINARY
PART II—Section 3—-Sub-section (i)
PUBLISHED BY AUTHORITY
No. 97] NEW DELHI, FRIDAY, MARCH 20, 1981/PHALGUNA 29, 1902
Separate paging is given to this Part in order that it may be filed as a separate compilation
1475 GI/80
(485)
486 THE GAZETTE OF INDIA: EXTRAORDINARY [PART I I —S E ^ 9 ( I )]487
MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS
6. With effect from the 1st day of April, 1981, In the
Form annexed to the said rules, —
(Department of Company Affairs)
NOTIFICATION
New Delhi, the 20th March, 1981
GJ9.R. 187(E),—In exercise of the powers conferred by section 58A read with section 642 of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the Reseive Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of De- posits) Rules, 1975, namely :—
1 (1) These rules may be called the Companies (Accep- tance of Deposit!) Amendment Rules, 1981.
(2) Save as otherwise piovidcd in these rules, they rhall come into force on the date of their publication in the Official Gazette.
2. With effect from the 1st day of Apiil, 1981, in rule 2, in sub-rule (b). in clause (iv), of the Companies (Acceptance of Deposits) Rules, 1975 (hereinafter referred to as (he ^uid rules), the words "wheie the former company has not gone into commercial production and has not n-xeplcd any de- posits from the public" shall be omitted.
3 In rule 3 of the said rules, in the proviso to sub-uilc U), for the word "deposits" the words, figures and bracket1; 'such deposits LIB are referred to in clause (i) of sub-rule (2)" shall be substituted.
4. Aflei the second proviso to sub-mle (1) of rule 3 of the said rules, Ihe following sub-clause shall he inserted, •namely :•—
"(c) no company shall invite or accept or renew ,riii\ deposits in any form, on a rate of interest exceeding fifteen per cent per annum ;
(d) no company shall pay biokeuige to .my broker at ,i rate exceeding one per cent of the deposits collec- ted by or through such biokcr irrespective of the periods for which deposits are accepted."
5. With effect fiorji the 1st day of April, 19K1, in rule 3, for sub-rule (2), the following sub-rule shall be substituted, namely :—
"(2) No company shall aixept —
ii) any deposit against an unsecured debenture or any deposit from a shareholder (not be;ng a deposit accepted by a private company fiom its shaiehoiOers) or any deposit guaranteed by any person who, at 'he time of giMiig such giuuintce is a director of tli loynpany if the ;imounl of any such deposit .og:thci with the amount of such other deposits of all oi any of the kinds of deposits refciretl to in this clause ami outstanding on the date of accep- tance or renewal of such deposit, exceeds ten per Lent, [including any deposit accepted under the the pioviso to sub-rule (1) of rule (3)] of the aggre- gate of the paid-up share capital and free reserves of the company ;
Provided that for the putpose of calculation of the amount of deposits outstanding on the date of such acceptance or renewal, any deposit guaranteed bv a person who, at the time of giving such guarantee, was the managing agent or secretaries and treasu- rers of the company, and outstanding on such dale shall be 1aken into account ;
Ui) any other deposit, if the amount of such deposit together with the amount of such other deposit other than any of the deposits referred to in clause (i) outstanding on the date of acceptance or lenewal, exceeds twenty-five per cent of the aggregate of the paid-up 'hare capital and free receives of the company."
(a) Jn Part A —
(i) for items 1 and II and the entries relating thereto, the following items and entries shall be substituted, namely :—
"I. Deposits of the kind referred to in clause (i) of
sub-rule (2) of rule 3 —
(a) deposits received in the form of 16ans guaranteed by the former managing agents or secretaries and treasurers.
(b) unsecured debenture(a).
(c) deposits including unsecured loans received from share-holders (not being share-holders of private limited company) but excluding those received from directors,
(d) deposits including unsecured loans guaranteed by directors in their pcisonal capacity >—
ic) Total (.i+b+c+d)- ———
II. Deposits ol the kind referred to in clause (ii) of
sub-rule (2) of rule 3.
(f) fived deposits.
(g) any other deposits——•
(h) Total (f + s)
• " ;
MI) in item ill, for sub-item (1), the following sub-hem
shall be substituted, namely :—
"any amount leccived by a company from any other
company,"
'a) in item I, for the words, ligures and brackets "de- posits covcied by the first pioviso to sub-rule (1) of rule 3", the words, figures and brackets "deposits covered by clause (i) of sub-rule (2) of rule 3" shall be substituted ;
b) in item II, —
for the words, figuies and brackets "depusits covered by sub-rule (2) of rule 3", the woids, figures and brackets "deposits covered by clause (ii) of sub- rule (2) of rule 3'" shall be substituted;
la) in item I, for the woids, ligures and biucket "deposits coveied by the first proviso to sub-rule (1) of rule 3", the woids, figures and brackets "deposits covered by clause (i) of sub-iule (2) of rule 3", shall be substituted ;
'b) in item II, loi the words, iigures and brackets "de- posits covered by sub-rule P) of mle 3", the words, iigures and brackets "Deposits covered by clause (ii) of sub-rule (2) of rule 3", shall be substituted ;
•c) below the column relating to "rate of interest" in
items I, TI and TTI, —
d) foi the entiy against serial numbei fi, the "ntry
"At 15%" shall be substituted ;
(ii) after serial number 6 and the entry relating thereto, following serial number and entry shall be subs- tituted, namely :—
"7. More than 15%"
liii) after serial number 7 and entries relating thereto, for the words and figuics 'Total 1 to 6", the words and figures "TOIHI of 1 to 7", shall be subs- tituted :
'd) Before the entry "Manager's Certificate", the follow-
ing Note shall be inserted, namely :—
"Note in respect of item at Serial number 7 —in respect of deposits invited or accepted or renewed prior to 20-3-1981.
488 THE GAZETTE OF INDIA: EXTRAORDINARY {PARI II—SA. M)]7. In the Manager's Certificate, —
(a) the certificate below the words "Manager's Certificate"
shall be re-numbered as 1 ;
(b) in the Manager's certificate so re-numbered, for the words, figures and brackets "Deposits of the kind referred to In the first proviso to sub-rule (1) of rule 3" the words, figures and brackets "Deposits of the kind referred to in clause (1) of sub-rule (2) of rule 3", shall be substituted ;
(c) for the words, figures and brackets "Deposits of kinds referred to in sub-rule (2) of rule 3*' the words figures and brackets "Deposits of the kinds referred to in clause (ii) of sub-rule (2) of rule 3", shall be substituted ;
(d) after certificate 1 as so renumbered the following certificate and entry shall be inserted, namely :—
"2. Cci lifted that the rates of brokerage on deposits accepted on and from 20-3-1981 were as follws" ;
(e) after certificate 2 as so inserted the following certi- ficate and entry shall be inserted, namely :—
"3. Certified that the rates of interest and brokerage on deposits accepted on and from 20-3-1981 have not exceeded the limits prescribed in these rules."
[No. 4/8/81-CL. X] S, P. GANGULY, Director
PRINTED BV THE MANAOl'R, OOVT. OF INDIA PKESS, JUNO ROAD, NEW DELUI-110064
AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI-110054, 1981