Corporate Updates 17 June 2014


1. MCA has issued clarification under the provisions of Section 186(9) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Meetings of Board & Its Powers) Rules, 2014 with regard to Maintenance of Register of Loans / Guarantee / making acquisitions in new format. Now it has been clarified that Registers maintained under Section 372A(5) of the Companies Act, 1956 and new format vide Form MBP-2 shall be used for particulars entered in such registers on & from 01-04-2014 only.

2. MCA has notified rest of the provisions of the Section 74 w.e.f 06-06-2014. In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 6th day of June, 2014 as the date on which the provisions of sub-sections (2) and (3) of Section 74 of the said Act shall come into force.

3. MCA has given the much needed relief to the companies with regard to the powers conferred by Sections 73 and 76 read with sub-section (1) of Section 469 of the Companies Act, 2013 (18 of 2013) by making amendment in the Companies (Acceptance of Deposits) Rules, 2014. Accordingly the new proviso has been inserted to dispense the requirement of obtaining Deposit Insurance before acceptance of any deposit. Now the companies may accept the deposits without deposit insurance contract till the 31st March, 2015.

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