In exercise of the power conferred by Section 58A read with Section 642 of the Companies Act, 1956, the Central Government in consultation with Reserve Bank of India has further amended the Companies (Acceptance of Deposit) Rules, 1975. Accordingly, Ministry of Corporate Affairs has issued a notification dated 21.03.2013 as notified following amendment:
1. In rule 2, clause (b) sub clause (x) has been substituted as under:
“(x) any amount raised by the issue of bonds or debentures secured by the mortgage of any fixed assets referred to in schedule VI of the Act excluding intangible assets of the company or with an opinion to convert them into shares in the company.”
Provided that in the case of such bonds of debentures secured by the mortgage of any fixed assets referred to in schedule VI of the Act excluding intangible assets the amount of such bond and debenture shall not exceed the market value of such fixed assets.
- Rule 11A shall be substituted as under:
“11A. The Regional Director or Registrar of Companies or any other officer of the Central Government shall be authorised to make complaints under sub section (2) of Section 58AAA of the Act.”
Detailed notification is attached herewith for your kind perusal.
CAclubindia
