MCA
MCA has notified the Companies (Restriction on Number of Layers) Rules, 2017 which shall come into force on the date of their publication in the official Gazette i.e 20-09-2017. On and from the date of commencement of these rules, no company, other than a company belonging to a class specified, shall have more than two layers of subsidiaries. However, companies are allowed to acquire a Company incorporated outside India with subsidiaries beyond two layers as per the laws of such country. Exemptions are provided to the Banking Company, Non Banking Financial Company, Insurance Company and to Government Company. Every Company other than a Company exempted, existing on or before the commencement of these rules, which has number of layers of subsidiaries in excess of the 2 layers, shall file, with the Registrar a return in Form CRL-1 disclosing the details specified therein, within a period of one hundred and fifty days (150 days) from the date of publication of these rules in the official Gazette and shall not, after the date of commencement of these rules, have any additional layer of subsidiaries over and above the layers existing on such date. Penalty provisions in case of contraventions are also being prescribed through the Rules and shall be applicable on the Company and its officers in default.
MCA
MCA has notified the amendments to the Companies (Acceptance of Deposits) Rules, 2014 which may be known as the Companies (Acceptance of Deposits) Second Amendment Rules, 2017 and shall be applicable from the date of publication in the official Gazette i.e 19-09-2017. Ministry has allowed specified IFSC Companies (means an unlisted public company which is licensed to operate by the RBI or SEBI or IRDA from the International Financial Services Centre located in an approved multi services Special Economic Zone set-up under the Special Economic Zones Act 2005) to accept from its members monies not exceeding one hundred percent of aggregate of the paid-up share capital, free reserves and securities premium account and such Company shall file the details of monies so accepted to the registrar in Form DPT-3. Further, the maximum limit in respect of deposits to accept from members shall not apply to Private Companies, which are Start-up for five years from the date of its incorporation and companies having borrowing from banks or financial institutions or any body corporate is less than twice of its paid-up share capital or fifty crores rupees, whichever is less.
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