MCA : Excludes money received from 'relative of director of pvt co.' from 'deposit'
MCA issues Companies (Acceptance of Deposits) Second Amendment Rules, 2015, amending the definition of 'deposits' under Companies (Acceptance of Deposits) Rules, 2014; Definition of 'deposits' now excludes any amount received from director or "a relative of the director of the Private co.", subject to the condition that such person shall furnish a declaration that the amount is not being given out of funds acquired by him by borrowing / accepting loans / deposits from others and the co. is under obligation to disclose the details of money so accepted in the Board's report; MCA also amends the limit to accept deposits, it shall not exceed 10% of its paid-up share capital, free reserves & 'share premium account' (Reference: Proviso to Rule 3(1)(a) of the Companies (Acceptance of Deposit) Rules, 2014); Eligible company can now obtain credit rating from Brickwork Rating India Pvt. Ltd.: MCA
LSI Note:
Definition of 'free reserves' does not include amount in securities premium account. 'Free Reserves' is defined in Section 2 (43) of the Companies Act, 2013 which means such reserves which, as per the latest audited balance sheet of a company, are available for distribution as dividend. However, following amount is shall not be treated as 'free reserves': (i) Any amount representing unrealised gains, notional gains or revaluation of assets, whether shown as a reserve or otherwise, or (ii) Any change in carrying amount of an asset or of a liability recognised in equity, including surplus in profit and loss account on measurement of the asset or the liability at fair value, shall not be treated as free reserves.
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