SBS-I-17th-Edition

#17 01/19 SBS‘’ UPDATESCOVERED: UpdatesunderCompaniesAct&Others

AMENDMENTTO COMPANIES(ACCEPTANCEOF DEPOSITRULES),2014: Inanacemove,theMinistryofCorporateAffairs,hasmadeaimportantamendmenttotheDepositRules, toputacheckontheflou ngoftheDepositRulesbytheCorporates. AsallareawaretheCompanies(AcceptanceofDepositRules),2014,asamendedfrom me,governsthe procedureforacceptanceofdepositsbyeligibleCompanies,andothercompliancesrelatedthereto,in- cludingoffilingofFormsandReturnonDeposits. Atthesame meRule2(1)(c)ofthesaidrules,providesfor“thoseitemswhicharenotconsideredasDe- posits”,andsuchcompaniesarerequiredtocomplywiththedepositrulesandaccordinglynoform of returnofdepositsarerequiredtobefiledbythem. FromtheverymovetakenbytheMinistry,itisevidentthatCorporatesareflou ngthedepositregulaons, bydisguisingtheamountsnotasdeposits,fallingunderthepurviewofRule2(1)(c)ofthedepositrules, andnoproperdisclosureisbeingprovidedinthefinancialStatements. Form DPT-3(beingtheform/returnofdeposit),istobefiledby(i)theCompaniesaccep ngdeposits incompliancewiththeDepositRulesandalsobytheCompanies,whicharetakingmonies,notconsid- eredasDeposits(exemptedunderRule2(1)(c)oftheDepositRules,within90daysfromtheclosure ofthefinancialyear,dulycerfiedbytheAuditor,alongwithfees. One mefilingofFormDPT-3(beingtheform/returnofdeposit),byeverycompanyhavingoutstand- ingreceiptofmoneyorloanbutnotconsideredasdeposits,intermsofRule(2)(1(c),from the 01.04.2014 ll22.01.2019,within90daysfrom22.01.2019,alongwithfees. Andtothiseffect,theFormDPT-3,hasbeenamended,andtofurtherplugtheloophole,theen reRule(2) (1)(c),whichcontainstheitemswhicharenotconsideredasdeposits,hasbeeninsertedintheformofa table,andaccordingly,thecompanieshavetosuitablyfilltheamountswhichtheyhavetaken,intherele- vantfields. Inaddiontotheaboveamendments,theamendmentrulesprovidethatanyamountsreceivedbyaCom- panyfromRealEstateInvestmentTrusts(RIETs)arenottobeconsideredasDeposits. h p://www.mca.gov.in/Ministry/pdf/AcceptanceDepositsAmendmentRule_22012019.pdf TheseupdatesarepreparedbyCSPhanindraandhecanbereachedat [email protected].

DisclosureofoutstandingduestoMSMEaspertherecentiniaveofRBITReDSpla orm: TheMinistryhasdirectedthatallCompanies,whogetsuppliesofgoodsorservicesfromMicroandSmallEn- terprisesandwhosepaymentstoMicroandSmallEnterprisesuppliersexceed45daysfromthedateofac- ceptanceorthedateofdeemedacceptanceofthegoodsorservicesaspertheprovisionsofsecon9ofthe Micro,SmallandMedium EnterprisesDevelopmentAct,2006(27of2006)(herea erreferredtoas“Speci- fiedCompanies”),shallsubmitahalfyearlyreturnstangthefollowing: (a)theamountofpaymentdue;and (b)thereasonsofthedelay; InthisregardtheMinistryofCorporateAffairshascome-upwithMSMEFormI,tobefiledcontainingthede- tailsofalloutstandingduestoMicroorSmallEnterprisessuppliers. Accordingly,everyCompanyge ngthegoodsandservicesfromMicroorSmallEnterprisessuppliershasto filetheMSMEForm-Iasbelow: One meinformaonastoduesexisngason22.01.2019,withinthirtydaysfrom22.01.2019. Onahalfyearlybasis,by31stOctoberfortheperiodfrom ApriltoSeptemberandby30thAprilforthe periodfromOctobertoMarch. h p://www.mca.gov.in/Ministry/pdf/MSMESpecifiedCompanies_22012019.pdf AMENDMENTTOCOMPANIES(PROSPECTUSANDALLOTMENTOFSECURITIES)RULES,2014, Dt:22.01.2019 AllareawarethatvidetheCompanies(ProspectusandAllotmentofSecuries)3rdAmendmentRules,2014, Dt:10.09.2018,tobeeffecvefrom02.10.2018,theMinistryhadmandatedforDematerialisaonofSecuri- esbyeveryUnlistedPublicCompany,hadprescribedtheproceduretobefollowed.Accordingly,Onand a er02.10.2018,anUnlistedPublicCompany,canissueSecuriesonlyinDematerialisedform,andaccord- ingly,hastodematerialiseitsexisngsecuriestoo. NowvideAmendmentRulesDt:22.01.2019,hasprovidedexemp onfromtheapplicabilityoftherulerelat- ingtoDematerialisingofSecuriestothefollowingcompanies: Anunlistedpubliccompanywhichis:- (a)aNidhi; (b)aGovernmentcompanyor (c)awhollyownedsubsidiary.”. Forexample,aPrivateLimitedCompany,whichiswhollyownedsubsidiaryofanUnlistedPublicCompany,is consideredasaPublicCompanyandaccordingly,wasrequiredtoDematerialisetheShares,aspertheini- al/earlierno ficaon,butthesameisnotrequirednow. h p://www.mca.gov.in/Ministry/pdf/AcceptanceDepositsAmendmentRule_22012019.pdf TheseupdatesarepreparedbyCSPhanindraandhecanbereachedat [email protected].