September 30, 2020
Summary of the circular issued by MCA on 29/09/2020
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 to 31/12/2020
Through this circular, MCA has further extended the deadline already notified vide its General Circular Nos. 11/2020 and 24/2020 dated 24/03/2020 and 19/06/2020 respectively, with respect to complying with the below provisions to 31/12/2020 (as against earlier revised deadline of 30/09/2020):
- Creation of Deposit Repayment Reserve for 20% of deposits maturing during the FY 2020-21 under Section 73(2)(c) of the Companies Act, 2013
- To invest or deposit at least 15% of amount of debentures maturing in specified methods of investments or deposits under Rule 18 of the Companies (Share Capital & Debentures) Rules, 2014
This circular is integrated in out free to use website www.ca2013.com for your easy reference.