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TMI BlogCompanies (Acceptance of Deposits) Amendment Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... publication in the Official Gazette. 2. In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the principal rules), in rule 2, in sub-rule (1), in clause (c),- (i) in sub-clause (ix), for the words five years the words ten years shall be substituted; (ii) after sub-clause (ix), the following slab-clause shaII be inserted, namely,- (ixa) any amount raised by issue of non-convertible debenture not constituting a charge on the assets of the company and listed on a recognised stock exchange as per applicable regulations made by Securities and Exchange Board of India. ; (iii) for sub-clause (xi), the following sub-clause shall be substituted, namely:- (xi) any non-interest bearing amount rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pees or more received by a start-up company, by way of a convertible note (convertible into equity shares or repayable within a period not exceeding five years from the date of issue) in a single tranche, from a person. Explanation .- For the purposes of this sub-clause,- 1. start-up company means a private company incorporated under the Companies Act, 2013 or Companies Act, 1956 and recognised as such in accordance with notification number G.S.R. 180(E) dated 17 th , February, 2016 issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry; II. convertible note means an instrument evidencing receipt of money initially as a debt, which is repayable at the option of the holde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... specified for Non-Banking Financial Companies in the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998, issued by the Reserve Bank of India, as amended from time to time. 4. in rule 4 of the principal rules , for sub-rule (2), the following sub-rule shall be substituted, namely:- (2) Every eligible company intending; to invite deposits shall issue a circular in the form of an advertisement in form DPT-1 for the purpose in English language in an English newspaper having country wide circulation and in vernacular language in a vernacular newspaper having wide circulation in the State in which the registered office of the company is situated, and shall also place such circular on the web ..... X X X X Extracts X X X X X X X X Extracts X X X X
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