MCA has issued General Circular No 9 dated 18th June, 2015 containing Clarification on repayment of deposits accepted by the companies before the commencement of the Companies Act, 2013 under section 74 of the said Act.
The circular while referring to the Explanation appearing below Rule 19 of the Companies (Acceptance of Deposits) Rules, 2014, clearly establishes the fact that the expressions "deposits accepted prior to 1st April, 2014" or "deposits accepted by the companies before the commencement of the Companies Act, 2013" would mean deposits under the relevant provisions of the Companies Act, 1956 (also referred to as Earlier Deposits) in the said Rule 19.
The clarification contained in the aforesaid circular is self explanatory. One may click on the following link to view and read the same
http://mca.gov.in/Ministry/pdf/General_Circular_9-2015.pdf
It may be taken note that those companies who have accepted deposits under the Companies Act, 1956 need to repay the same as specified in S 74 of the Act read with Rule 19 of the Chapter V Rules. It is also pertinent to mention that Sec 76A introduced by the Companies Amendment Act, 2015 imposes stringent pecuniary and imprisonment clauses for non compliances, if any relating to the same.
The circular while referring to the Explanation appearing below Rule 19 of the Companies (Acceptance of Deposits) Rules, 2014, clearly establishes the fact that the expressions "deposits accepted prior to 1st April, 2014" or "deposits accepted by the companies before the commencement of the Companies Act, 2013" would mean deposits under the relevant provisions of the Companies Act, 1956 (also referred to as Earlier Deposits) in the said Rule 19.
The clarification contained in the aforesaid circular is self explanatory. One may click on the following link to view and read the same
http://mca.gov.in/Ministry/pdf/General_Circular_9-2015.pdf
It may be taken note that those companies who have accepted deposits under the Companies Act, 1956 need to repay the same as specified in S 74 of the Act read with Rule 19 of the Chapter V Rules. It is also pertinent to mention that Sec 76A introduced by the Companies Amendment Act, 2015 imposes stringent pecuniary and imprisonment clauses for non compliances, if any relating to the same.
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