MCA has extended the time line for: (i) the creation of a deposit repayment reserve of 20% of amount of its deposits maturing during the following financial year under section 73 (2) (c) of the Companies Act 2013; and (ii) the investment or deposit of 15% of the amount of debentures maturing during the year under rule 18 of the Companies (Share capital and Debentures) Rules 2014, from 30 June 2020 to 30 September 2020. The timeline under these provisions was earlier extended up to 30 June 2020 under paras V and VI of MCA’s General Circular dated 24 March 2020.
To refer to the MCA circular dated 19 June 2020, click here.
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