COMPANIES ACT

ONE TIME REPORTING OF EXEMPTED DEPOSITS IN E-FORM DPT-3

INTRODUCTION On the verge of bringing new concepts, reporting mechanism and compliances, Ministry of Corporate Affairs introduced a new concept of reporting of exempted deposits and brought in the new sub-rule i.e. Sub-Rule (3) of Rule 16A through the Companies (Acceptance of Deposits) Amendment Rules, 2019 (hereinafter referred to as ‘Amended Deposits Rules’). The said Amendment has been made by way of notification dated 22.01.2019 duly issued by the Ministry. Prior to such notification Reporting of Exempted Deposits was no where required to be done anywhere except in the financial statements or annual filing documents. It seems that such reporting has...

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BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 AND COMPANIES ACT, 2013-CONCEPTUAL COMPARISON

INTRODUCTION Recently the Ministry of Law and Justice with the consent of President of India has introduced an Ordinance namely Banning of Unregulated Deposit Schemes Ordinance, 2019 (hereinafter referred to as ‘Ordinance’) which deals with unregulated deposit scheme which are currently running in economy due to which lot of depositors or we can say investors are getting harmed by getting trapped into fraudulent activity or scheme of the deposit takers. The present Ordinance has been passed keeping in mind all the aspects and circumstances and clearly signifies the actual purpose of the Ordinance. In this article, we will be discussing the...

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