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ARTICLE · 05 JULY 2017

Acceptance of Deposits (Amendment) Rules, 2017

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The Ministry of Corporate Affairs vide its Notification G.S.R 454(E) has amended Companies (Acceptance of Deposits) Rules, 2014 vide the Companies (Acceptance of Deposits) Amendment Rules, 2017.

IndiaCorporate/Commercial Law
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The Ministry of Corporate Affairs (hereinafter referred to as "MCA") vide its Notification G.S.R 454(E) dated 11 May, 20171 has amended Companies (Acceptance of Deposits) Rules, 2014 vide the Companies (Acceptance of Deposits) Amendment Rules, 2017. Through this amendment MCA has brought following changes:

  • In rule 2(1), in clause (c), after the words "Domestic Venture Capital Funds" the words "Infrastructure Investment Trusts" shall be inserted.

Infrastructure Investment Trusts (InvITs) are similar to mutual fund companies that allow pooling of the infrastructure projects into a separate trust and allow investors to invest in units of InvITs.

Explanation:

Rule2 (1) clause c provides the definition of Deposits, according to which deposits include any receipt of money by way of deposit or loan or in any other form by a company, but does not includes-

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