Summary of the circular issued by MCA on 19/06/2020
1. MCA extends the deadline for creation of Deposit Repayment Reserve and Investment of specified amount of maturing debentures under the Companies Act, 2013 and its Rules
Through this circular, MCA has further extended the deadline already granted vide its General Circular No. 11/2020 dated 24/03/2020, with respect to the below provisions:
Provision
Revised Relaxed Deadline
Original Relaxed Deadline vide General Circular No. 11/2020
Original Deadline as per the Act
Creation of Deposit Repayment Reserve for 20% of deposits maturing during the FY 2020-21 under Section 73(2)(c)
30 September, 2020
30 June, 2020
30 April, 2020
To invest or deposit atleast 15% of amount of debentures maturing in specified methods of investments or deposits under Rule 18 of the Companies (Share Capital & Debentures)Rules, 2014
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