MCA Update

Ministry of Corporate Affairs (MCA) has issued notification u/s Section 405 of the Companies Act, 2013 and has amended various rules under Companies Act, 2013.  The Key highlights of the amendments are as follows:

1. Companies (Acceptance of Deposits) Amendment Rule, 2019

• Amount received by a Company from Real Estate Investment Trusts registered with the SEBI are also now excluded from the purview of definition of Deposit 
• Form DPT-3 is required to file for following purpose:

Purpose	For the Period	Applicability	Due Date
One time return for disclosure of details of outstanding money or loan received by a company but not considered as deposit in terms of rule 2(1)(c) of Chapter V	From 1st April, 2014 till the date of publication of notification in official gazette	Every company to which these rules apply, except Government Company	Within 90 days from the date of publication of notification in official gazette
Annually - Return for disclosures of money or loan received by a company but not considered as deposits in terms of rule 2(l)(c) of Chapter V	Information as on the 31st day of March of that year duly audited by auditor	Every company to which these rules apply, except Government Company	On or before the 30th day of June, of every year

      2. Companies (Prospectus and Allotment of Securities) Amendment Rules, 2019

• Rule 9A of chapter III which deals with Issue of Securities in demat form by unlisted public companies will not apply to 


• a Nidhi;
• a Government company or
• a wholly owned subsidiary

3. Specified Companies (Furnishing of information about payment to micro and  small enterprise suppliers) Order, 2019

• Every Specified company is required to file e-form MSME Form I providing details of  dues to MSME suppliers which are outstanding for more than 45 days in the following manner:
• Initial Return – Within thirty days from date of notification viz., 22 January, 2019 for all the dues existing as on 22 January 2019 
• Regular half yearly return-
• For the period April to September – by 31 October
• For the period October to March – by 30 April

• Specified Companies means all companies, who get supplies of goods or services from micro and small enterprises (MSME) and whose payments to MSME suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the MSME Development Act, 2006

4. NCLT Rules, 2019

• Rule 71 of NCLT Rule is amended which pertains to Application under proviso to Section 61(1) (b) i.e. the application for obtaining the approval of the tribunal for the consolidation and division of all or any of the share capital into shares of a larger amount than its existing shares which results in changes in the voting percentage of shareholders.

• Copy of documents prescribed in Rule 71 should be served to Regional Director instead of Central Government alongwith Registrar of Companies, SEBI in case of Listed companies and other regulators in case of the company is regulated under other Act

Notification can be downloaded from following links:

1. http://www.mca.gov.in/Ministry/pdf/AcceptanceDepositsAmendmentRule_22012019.pdf
2. http://egazette.nic.in/WriteReadData/2019/195752.pdf
3. http://www.mca.gov.in/Ministry/pdf/MSMESpecifiedCompanies_22012019.pdf
4.http://www.mca.gov.in/Ministry/pdf/NCLTAmendmentRules_18012019.pdf