Recently the matters arises where the Companies had raised monies from the investors in a manner which was opaque / convoluted / non –accountable and which did not protect the interest of investor. Ministry has seriously noted the same. Accordingly, with the view to protect the interest of investor inter-alia deposit holder, Ministry of Corporate Affairs has issued a Circular no. 11/2013 dated 29.05.2013 and clarified that the Registrar of Companies may obtain declaration / affidavit from subscribers / first directors first at the time of incorporation and subsequently from directors whenever company change its objects to the effect that the Company / directors shall not accept any deposit unless compliance of the applicable provisions of the Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules / regulations/ directions made there under are duly complied and filed with the concerned authorities.
Read more at:
/forum/updates-251065.asp
Recently the matters arises where the Companies had raised monies from the investors in a manner which was opaque / convoluted / non –accountable and which did not protect the interest of investor. Ministry has seriously noted the same. Accordingly, with the view to protect the interest of investor inter-alia deposit holder, Ministry of Corporate Affairs has issued a Circular no. 11/2013 dated 29.05.2013 and clarified that the Registrar of Companies may obtain declaration / affidavit from subscribers / first directors first at the time of incorporation and subsequently from directors whenever company change its objects to the effect that the Company / directors shall not accept any deposit unless compliance of the applicable provisions of the Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules / regulations/ directions made there under are duly complied and filed with the concerned authorities.
Read more at:
/forum/updates-251065.asp
Recently the matters arises where the Companies had raised monies from the investors in a manner which was opaque / convoluted / non –accountable and which did not protect the interest of investor. Ministry has seriously noted the same. Accordingly, with the view to protect the interest of investor inter-alia deposit holder, Ministry of Corporate Affairs has issued a Circular no. 11/2013 dated 29.05.2013 and clarified that the Registrar of Companies may obtain declaration / affidavit from subscribers / first directors first at the time of incorporation and subsequently from directors whenever company change its objects to the effect that the Company / directors shall not accept any deposit unless compliance of the applicable provisions of the Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules / regulations/ directions made there under are duly complied and filed with the concerned authorities.
Read more at:
/forum/updates-251065.asp
Recently the matters arises where the Companies had raised monies from the investors in a manner which was opaque / convoluted / non –accountable and which did not protect the interest of investor. Ministry has seriously noted the same.
Accordingly, with the view to protect the interest of investor inter-alia deposit holder, Ministry of Corporate Affairs has issued a Circular no. 11/2013 dated 29.05.2013 and clarified that the Registrar of Companies may obtain declaration / affidavit from subscribers / first directors first at the time of incorporation and subsequently from directors whenever company change its objects to the effect that the Company / directors shall not accept any deposit unless compliance of the applicable provisions of the Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules / regulations/ directions made there under are duly complied and filed with the concerned authorities.
Please find the draft affidavit for the same:
Affidavit
We the Promoters / First Directors of M/s ……………………... (The Company) do hereby solemnly affirm and state that :
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The Company or its Directors shall not carry out any money circulation scheme or multi level / pyramid scheme to accept deposits from the public.
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The Company or its Directors shall not accept any deposit from public unless compliance of the applicable provisions of the Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules / regulations/ directions made there under are duly complied and filed with the concerned authorities.
For ……………………….
(…………………) (…………..…….)
Director / Promoter Director / Promoter
CAclubindia
