Companies (Acceptance of Deposits) Amendment Rules, 1997 - Insertion of sub-rule (1A) of rule 3 and sub-clause (iv) of rule 4(2)(k) of the Companies (Acceptance of Deposits) Rules, 1975 - G.S.R. 155(E). - Companies Law

MINISTRY OF FINANCE (Department of Company Affairs) NOTIFICATION New Delhi, the 19th March, 1997 Subject:- Companies (Acceptance of Deposits) Amendment Rules, 1997 - Insertion of sub-rule (1A) of rule 3 and sub-clause (iv) of rule 4(2)(k) of the Companies (Acceptance of Deposits) Rules, 1975 G.S.R. 155(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 Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 1975, namely : (a) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 1997. (b) They shall come into force on the date of its publication in the Official Gazette. 2. In the Companies (Acceptance of Deposits) Rules, 1975, (i) after sub-rule (1) of rule 3, the following shall be inserted, namely: "(1A) On and from 1st day of March, 1997 no company shall accept or renew any deposits in any form if it is in default in the repayment of any deposit or part thereof and any interest thereupon in accordance with the terms and conditions of such deposit.";. (ii) after sub-clause (iii) of clause (k) of sub-rule (2) of rule 4 the following shall be inserted, namely : "(iv) that the company is not in default in the repayment of any deposit or part thereof and any interest thereupon in accordance with terms and conditions of such deposits.". [F. No. 1/2/97-CL.V] R.D. JOSHI, Jt Secy. Footnote: - The principal rules were published vide GSR 43 (E) dated 3-2-19 75 and subsequently amended by:- 1. S.O. 524 (E) dated 18-9-1975 2. S.O. 684 (E) dated 29- 11-1975 3. G.S.R. 427 (E) dated 29-6-1976 4. G.S.R. 820 (E) dated 24-9-1976 5. G.S.R. 965 (E) dated 29-12-1976 6. G.S.R. 385 (E) dated 17-6-1977 7. G.S.R. 386 (E) dated 17-6-1977 8. G.S.R. 424 (E) dated 27-6-1977 9. G.S.R.793 (E) dated 20- 12-1 977 10. G.S.R. 200 (E) dated 30-3-1978 11. G.S.R. 252 (E) dated 27-4-1978 12. G.S.R. 341 (E) dated 29-6-1978 13. G.S.R. 378 (E) dated 17-7-1978 14. G.S.R. 586 (E) dated 21-12-1978 15. G.S.R. 109 (E) dated 21-3-1980 16. G.S.R.185 (E) dated 1-4-1980 17. G.S.R. 380 (E) dated 24-6-1980 18. G.S.R. 435 (E) dated 18-7-1980 19. G.S.R. 546 (E) dated 24-9-1980 20. G.S.R. 187 (E) dated 20-3-1981 21. G.S.R.44 (E)dated12-1-1982 22. G.S.R. 286 (E) dated 19-3-1985 23. G.S.R. 372 (E) dated 19-4-1985 24. G.S.R. 482 (E) dated 5-6-1985 25. G.S.R. 7 (E) dated 2-1-1986 26. G.S.R. 358 (E) dated 1-4-1987 27. G.S.R. 620 (E) dated 1-7-1987 28. G.S.R. 850 (E) dated 12-10-1987 29. G.S.R. 551 (E) dated 7-6-1990 30. G.S.R. 39 (E) dated 10-1-1992 31. G.S.R. 814 (E) dated 19-10-1992 32. G.S.R. 744 (E) dated 10-12-1993 33. G S.R. 767 (E) dated 1-12-1995