The MCA vide a notification dated September 19, 2017 has further amended the Companies (Acceptance of Deposits) Rules, 2014 ("Principal Rules") thereby substituting sub-rule 3 to rule 3 of Principal Rules. By the current amendment, specified International Financial Services Company ("IFSC") public company and private companies have been allowed to accept from its members monies not exceeding one hundred (100) per cent of the aggregate of the paid up share capital, free reserves and securities premium account and such companies are required to file the details of monies so accepted with the Registrar of Companies ("ROC") in Form DPT-3.
The amended rule provides further exemption to a private company which is start-up to accept deposits from its members without any limit upto five years from the date of incorporation and has also exempted certain other class of private companies, which satisfies the criteria as specified under the amended rules, to accept deposits from its members without any limit.
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