Acceptance of deposit section 73 to 76 companies act 20. Companies declaration and payment of dividend rules, 2014. First notes mca notified certain provisions of the. Companies act 2006, section 73 is up to date with all changes known to be in force on or before 12 may 2020. The mandatory requirement of holding meetings of the board of the companies within the intervals provided in section 173 of the companies act, 20 120 days stands extended by a period of 60 days till next two quarters i. Restriction of section 71 5 in the case of group reconstructions. The companies act, 20 has been notified in the official gazette on 30th august, 20. To understand the ambit of section 73 to 76 we first need to know the definition of deposits under old companies act wiz a wiz to new companies act, 20. Updated guidance and frequently asked questions on section 90 2 of the companies act, 2008. Summary of relief measures relating to statutory and. Special measures under companies act, 20 ca20 and limited liability partnership act, 2008 in view of covid19 outbreak. The act consolidates and amends the law relating to companies.
You can also search for keywords within the sections of the act. Special measures under companies act, 20 ca 20 and limited liability partnership act, 2008 in view of covid19 outbreak. Exemption from preparation of cash flow statement has also been extended to startup companies i. Students taking cs executive exams or students preparing for company law will find the file very useful. Memorandum of incorporation, shareholder agreements and rules of company.
The following section is hereby substituted for section 45 of the principal act. Currently, no company referred under section 732 of the 20 act is allowed to. Section 73 to 76 of the companies act 20 herein after called the act read with rules made under chapter v of the companies act, 20 regulate the invitation and acceptance of deposits. Acceptance of deposits under new companies act, 20. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. As seen above, provisions of rules 19 is not restricted to only eligible companies but also covers section 73 acceptance of deposits from members and section 74 repayments of deposits taken before the commencement of the act as the section 762of the act says the provisions of this chapter shall, mutatis mutandis, apply to the. Further, sections 73 to 76a of ca, provide the provisions related to acceptance of. In exercise of the powers conferred by subsection 1 of section 470 of the companies act, 20 18 of 20, the central government hereby makes the following order to remove certain difficulties that have arisen in giving effect to the provisions of section 73 of the said act, namely. Companies act 20 section 166 citation 62552 bare act. Section 76 of the companies act,20 the relevant provision of which is as under. Every company intending to offer shares or debentures to the public for subscription by the issue of a prospectus shall, before such issue, make an application to one or more recognised stock exchanges for permission for the. The cipc released the following additional information to assist in the application and implementation of the companies act.
Companies act 71 of 2008 english text signed by the president assented to. Section 73 of the companies act, 20 the act, read with companies acceptance of deposit rules, 2014 the. Companies acceptance of deposit section 73 to 76 of companies. In exercise of the powers conferred by sub section 1 of section 470 of the companies act, 20 18 of 20, the central government hereby makes the following order to remove certain difficulties that have arisen in giving effect to the provisions of section 73 of the said act, namely. It replaces the decades old companies act, 1956 1 of 1956 which was. Certain provisions of the amendment act, 2017 are effective from 5 july 2018, while others are effective from 10 july 2018, 27 july 2018 and 15 august 2018 respectively.
Acceptance of deposits by companies sections 73 to 76 for this chapter, the companies acceptance of deposit rules, 2014 the rules are notified with effect from april 01, 2014. Chapter xviii removal of names of companies from the register of companies. Section 73 of companies act, 20 prohibition on acceptance of. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. You can view a specific section, or view all sections grouped by chapters. For guidance, the developers looked to south african company law for the 21st century. See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. Part 11 incorporation of companies and matters incidental thereto chapter i the companys memorandum and articles memorandum of association 3. Acceptance of deposits from public by certain companies. Provided that nothing in this sub section shall apply to a banking company and nonbanking financial company as defined in the reserve bank of india act, 1934 2 of 1934 and to such other company as the central government may, after consultation with the reserve bank of india, specify in this behalf. Damages for fraud effective from 1st june, 2016 1 where a company fails to repay the deposit or part thereof or any interest thereon referred to in section 74 within the time specified in subsection 1 of that section or such further time as may be allowed by the tribunal under subsection 2. Accordingly, the annual return in terms of section 92 of the companies act, 20 in form mgt.
This issue of first notes aims to provide an overview of the recently notified sections of the. The cipc can issue guidance to the public by issuing explanatory notices outlining its procedures or publishing nonbinding opinions on the interpretation of any provisions of the act in terms of section 1882b of the companies act, 2008. Acceptance of deposit section 73 to 76 simplified taxguru. All companies act, 20 companies act, 1956 securities and exchange board of india act, 1992 sebi prohibition of fraudulent and unfair trade practice relating to securities market regulation, 2003 sebi stock brokers and subbrokers regulations, 1992 sebi substantial acquisition of shares and takeovers regulations, 19941997 other acts. R 256 exercise of the powers conferred by clause 31 of section 2, section 73 and section 76 read with subsections l and 2 of section 469 of companies act, 20 18 of 20, and in supersession of the companies acceptance of deposits rules, 1975 or any other rules prescribed under the companies act, 1956 1 of.
Illustrations a a having advanced money to his son, b, during his minority, upon bs coming of age obtains, by misuse of parental influence, a bond from b for a greater amount than the sum due in respect of the advance. Damages for fraud effective from 1st june, 2016 1 where a company fails to repay the deposit or part thereof or any interest thereon referred to in section 74 within the time specified in subsection 1 of that section or such further time as may be allowed by the tribunal under subsection 2 of that section, and it is proved that the deposits had been accepted with intent. Companies acceptance of deposit section 73 to 76 of. Chapter xix revival and rehabilitation of sick companies. Section 73 of companies act, 20 prohibition on acceptance. The words save as otherwise provided in this act is to be noticed. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. Private companies have also been brought under the purview of the. Chapter xxi part i companies authorised to register under this act. The companies act 20 contains 470 sections under 29 chapters with seven schedules. Companies act regulations 2011 under companies regulations 2011. The companies act, 20 rules on the companies act, 20 this feature allows you to view the companies act, 20 sectionwise or chapterwise.
Liability of person to whom money is paid, or thing delivered, by mistake or under coercion. Section i on 15th september, 2015 all other provisions. Companies act 20 section 73 citation 62453 bare act. Complete list of sections of companies act, 20 corporate. Allotment of shares and debentures to be dealt in on stock exchange. Prohibition on acceptance of deposits from public 1 on and after the commencement of this act, no company shall invite, accept. Mca amends the acceptance of deposit rules corporate.
After the commencement of present act of 20, or more correctly, on issue of notification by government of india making section 73 effective. This an act to consolidate and amend the law relating to companies. Regulation 2 of prohibition of insider trading regulations public financial institution means i the life insurance corporation of india, established under section 3 of the life insurance corporation act, 1956 31 of 1956. Punishment for contravention of section 73 or section 76. List sections of companies act 20 with memory chart made easy is available for download at the excellent download file is in the format of doc. The companies act 20 by way of section 73 to 76 has bought many changes in respect of acceptance of deposits by company and the changes are applicable are on private limited companies also.
The companies act 20 by way of section 73 to 76 has bought many changes in respect of acceptance of deposits by company and the. In terms of section 73 of companies act, 20 read with rule 21cvii of companies terms and conditions of acceptance of deposit rules, 2014, deposits do not include receipt of money from. Compensation for loss or damage caused by breach of contract. According to section 103 of companies act, 20, in case of a private. The companies act, 20 ministry of corporate affairs. To elucidate, this would mean that if anywhere else, i. Director of the company, but money received from a member is treated as deposit. In this article i will present the brief discussion on the roc filing, time limits of filing and consequences. R 256 exercise of the powers conferred by clause 31 of section 2, section 73 and section 76 read with subsections l and 2 of section 469 of companies act, 20 18 of 20, and in supersession of the companies acceptance of deposits rules, 1975 or.
Introduction of list sections of companies act 20 with memory chart made easy. Some of the provisions of the act have been implemented by a notification. Obligation of person enjoying benefit of nongratuitous act. The companies act, 20 18 of 20 is a modern, forward looking and international level corporate law in india. Substituted by the companies amendment act, 2017 amendment effective from 5th july 2018. Section 73 of the companies act,20, the relevant portion of which is as under. List of sections as per companies act 20 companies act 20, rules, circulars, notifications as notified by the ministry of corporate affairs. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. The minister may, after consulting the commission, make regula. Nothing in the subsection shall affect the provisions of section 111 of the indian evidence act, 1872 1 of 1872. All 438 sections of companies act are notified by the ministry of corporate affairs mca and majority of the rules to the various chapterssections of the companies act, 20. Along with downloading list of sections as per companies act 20 scroll down and download check list for annual compliance calendar under companies act.
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