Exemption for companies from provisions of sub‑sections (1) to (7) of section 58A with respect to deposits received - GSR 1075(E), - Companies Law

Notification : No. GSR 1075(E), dated 29 12 1989. Subject:- Exemption for companies from provisions of sub sections (1) to (7) of section 58A with respect to deposits received G.S.R. 1075(E).- In exercise of the powers conferred by sub section (8) of section 58A of the Companies Act, 1956 (1 of 1956), the Central Government, being satisfied that there are just and sufficient reasons so to do and after consultation with the Reserve Bank of India, hereby exempts the class of companies which satisfy the eligibility criteria laid down by the Reserve Bank of India in the Non Banking Companies (Acceptance of Deposits through Commercial Paper) Directions, 1989, in terms of Notification No. IECD 1/87(CP) 89 90, dated 11th December, 1989, published in Part III, section 4 of the Gazette of India, Extraordinary, dated 26th December, 1989, from the provisions of sub sections (1) to (7) (both inclusive) of section 58A of the said Act with respect to deposits received by non- banking companies by issue of commercial paper referred to in the said notification, subject to the following conditions, namely : (i) the companies shall comply with the terms and conditions stipulated from time to time by the Reserve Bank of India relating to the issue of such commercial paper; and (ii) the companies shall, in their annual accounts, disclose the maximum amount raised at any time during a financial year and the amount outstanding as at the end of the financial year. 2. This notification shall come into force on and from 1st January, 1990.