Section 641(1) of the Companies Act, 1956 - Power to alter Schedule - Insertion of sub-clause (l) in clause (1) of Part-I of Schedule II to the Companies Act, 1956 - G.S.R. 265(E). - Companies Law

MINISTRY OF FINANCE (Department of Company Affairs) NOTIFICATION New Delhi, the 15th May, 1997 Subject:- Section 641(1) of the Companies Act, 1956 - Power to alter Schedule - Insertion of sub-clause (l) in clause (1) of Part-I of Schedule II to the Companies Act, 1956 G.S.R. 265(E).- In exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following further iterations in Schedule II to the said Act, namely: 2. In the said Schedule, in Part I, in clause 1 relating to General information after sub-clause (k), the following sub-clause shall be inserted, namely: "(l) a statement by the board of directors stating that (i) all monies received out of issue of shares or debentures to public shall be transferred to a separate bank account other than the bank account referred to in sub-section (3) of section 73; (ii) details of all monies utilised out of issue referred to in sub-item (1) shall be disclosed under an appropriate separate head in the Balance Sheet of the company indicating the purpose for which such monies had been utilised; and (iii) details of all unutilised monies out of issue of shares or debentures, if any, referred to in sub-item (i) shall be disclosed under an appropriate separate head in the Balance Sheet of the company indicating the form in which such unutilised monies have been invested". [F. No. 17/32/93-CL. Vol. II] R.D. JOSHI, Jt. Secy. Note :- The Schedule was amended vide: 1. G.S.R. No. 666(E) dated 3-10-1991. 2. Depositors Act, 1996 (22 of 1996)