MCA:
MCA brings in further clarifications with respect to deposit acceptance by companies vide Companies (Acceptance of Deposits) Amendment Rules, 2015 to clear the confusion regarding the treatment to be made for application money received by companies before the commencement of the Companies Act, 2013 ("new Act") which remain pending as on date. Accordingly, all application money received before April 1, 2014 and disclosed under balance sheet closed on / before March 31, 2014 and for whom the allotment of securities remain pending shall have to either return such amounts to the persons from whom these were received or allot shares, stock, bonds or debentures or comply with the deposit rules by 30-06-2014.
MCA:
MCA has further imposed the Addition compliance for deposit accepting companies vide Companies (Acceptance of Deposits) Amendment Rules, 2015. Now all such Companies are required to obtain credit rating at least once a year for the deposits accepted by companies and copy of such rating shall be sent to Registrar along with Return of Deposits (Form DPT-3) which has to be filed on or before June 30 of every year. Further, the MCA has also prescribed the Names of the agency and minimum investment grading applicable to the respective agencies for the purpose of Credit Rating.
MCA:
MCA has also extended the time period for applicability of deposit insurance from March 31, 2015 till March 31, 2016 or availability of deposit insurance product, whichever is earlier. Insurance Companies are still working on the viability of the product introduced through the Deposit Rules under the Companies Act, 2013.
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