MCA extends time for Creation of deposit repayment reserve & to deposit 15% of amount of debentures

Last updated: 25 June 2020

Notice Date : 19 June 2020

General Circular No. 24/2020

File No.02/08/2020-CL-V
Government of India
Ministry of Corporate Affairs

5^thFloor, ‘A’ Wing, Shastri Bhawan,
Dr. R. P. Road, New Delhi-110001.

Dated: 19^thJune, 2020

All Regional Directors,
All Registrar of Companies,
All Stakeholders

Subject: Clarification with regard to creation of deposit repayment reserve of 20% u/s. 73 (2) (C ) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014 – COVID-19 –Extension of time-regarding.

Sir/Madam,

In continuation to General Circular No. 11/2020 dated 24th March 2020 and keeping in view the requests received from various stakeholders seeking extension of time for compliance of the subject requirements on account of Covid-19, it has been decided to further extend the time in respect of matters referred to in paras V , VI of the aforesaid circular, from 30^th June 2020 to 30^th September 2020. All other requirements shall remain unchanged.

2. This issues with the approval of the competent authority.

Yours faithfully,

(KMS Narayanan)
Assistant Director (policy)

Copy forwarded for information to:-

1. e-governance section and web contents officer to place the circular on MCA website.

2. Guard file.