COMPANIES (APPLICATION FOR
EXTENSION OF TIME OR EXEMPTION UNDER SUB-SECTION (8) OF SECTION 58A) RULES,
1979
[GSR
244(E), DATED 12-4-1979]
__________________________
In exercise of the powers conferred by sub-section (8) of section 58A, read with sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, namely :-
Short title and commencement.
1.
(1) These rules may be called the Companies (Application for Extension of
Time or Exemption under Sub-section (8) of Section 58A) Rules,
1979.
(2) They shall come into force on the date of their
publication in the Official Gazette.
Form of application for grant of extension of time or
exemption under sub-section (8) of section 58A.
2. Every
company seeking extension of time or exemption under sub-section (8) of section
58A of the Companies Act, 1956 (1 of 1956), shall apply in Form 1 appended to
these rules and furnish the particulars specified therein.
Fee to be paid along with the
application.
3. Every
application made under rule 2 shall be accompanied by a demand draft drawn in
favour of the Pay and Accounts Officer, Department of Company Affairs, New Delhi
towards payment of requisite fee as specified in the Companies (Fees on
Applications) Rules, 1968.
Publication of notice in newspapers before making
application.
4.
Before making an application under rule 2, the company shall publish a
general notice to the members of the public at least once in an English daily
newspaper and at least once in a newspaper published in the language of the
region having wide circulation in the region in which the registered office of
the company is situated, in the manner specified in Form 2 appended to these
rules.
FORM
1
[See rule 2 of the Companies
(Application for Extension of Time or Exemption
under Sub-section (8) of Section
58A) Rules, 1979]
Information required in respect
of application for extension
of time or for exemption under
sub-section (8) of
section 58A of the Companies
Act, 1956
PART A
BASIC DATA
1.
Name of the company and
the address of the registered office
2.
Date of
incorporation
3.
Date of commencement of
business
4.
Financial year of the
company
5.
Name and address of
statutory auditors of the company
6.
Name(s) and address(es)
of directors of the company, indicating executive position held, if any, in
other companies and in case of nominee directors, the names of institutions
which they represent.
7.
Whether the company is
registered under the MRTP Act?
8.
The main business in
which the company is engaged indicating the location of factories,
etc.
9.
The date on which the
last annual general meeting was held and whether the audited accounts were
placed in the annual general meeting.
10.
Names, designations and
addresses of the officers of the company to whom powers have been delegated for
acceptance/repayment of deposits.
11.
Equity/Preference
shares held by each of the following indicating separately the percentage of the
same bears to the total equity/preference share capital of the
company:
(a)
controlling block:
(i)shares
held by directors and their relatives
(ii)
other companies in the same management
(b)
Central/State Government(s)
( c)
Financial institutions
[by individual name(s)]
(d)
nationalised
banks
[by individual name(s)]
(e)
non-residents
:
(i)
companies not
incorporated in India
(ii) foreign
nationals.
(f)
shareholders not covered in (a) to (e) above holding one per cent or more
of the equity shares
(g)
others:
(i)
companies
(ii)
Individuals
12.
Names and addresses of
brokers/agents appointed by the company for procurement of deposits, together
with terms of appointment, the rate of commission paid and copies of agreement,
if any.
13.
Names and addresses of
the financial institutions from which the company has accepted long-term loans,
the amounts of such loans, and the name of the leading financial institution, if
any.
PART B
FINANCIAL DATA
14.
Effective capital
employed by the company on the closing date of last balance-sheet (please
indicate the date)
(i)
Paid-up
capital
(ii)
Share premium
(iii)
Reserves and surpluses
(iv) (a) Free reserves
(b)
Other than free
reserves
(v)
Long-term loans
(a)
secured
(b)
unsecured
Total
Less:
Accumulated loss,
preliminary expenses or other intangible asset
Net effective capital
employed.
15.
Working results of the
company for the last 3 years
Year Year Year
ending ending ending
on on on
. ..
Rs. Rs. Rs.
(i)
paid-up capital
(ii)
Effective capital employed
[see
Item No.14]
(iii)
Turnover
(iv) Net profits under
section 198 of the Act
(v) Dividend
declared
(rate and
quantum)
16.
Net worth and liquidity
position of the company during the last 3 years as in Annexure
I
Year Year Year
ending ending ending
on on on
. ..
Rs. Rs. Rs.
17.
Cash flow statement
indicating information
(as in Annexure
II) in respect of -
(a)
preceding 3 years
(b) current financial year
(c) the next three years
indicating in particular how the company proposes to
generate surplus for payment of deposits.
18.
Please indicate the
outstanding liability as on the date of application towards repayment of loans
and interest to each of the financial institutions from which money has been
borrowed and also the amounts repayable towards principal and interest to each
of them in the current financial year and during each of the next 3 financial
years.
19.
Please furnish the
following information relating to the position of deposits as on the date of
application or as near thereto as circumstances may permit, but not earlier than
60 days from the date of application (The date as on which information is
furnished should be indicated)
(A) Information as per Part A and Part B of
No
Amount
Form prescribed under rule 10 of the Companies
Rs.
(Acceptance
of Deposits) Rules,
1975.
(B) (1) Total number of
outstanding deposits.
(2) The amount of
outstanding deposits
(3) The break-up of outstanding deposits as
per
following tables :
(i)
amount of deposits
which are overdue
(a) for 2 years and more
(b) for one year and more but less than 2 years
(c) for 6 months and more but less than 1 year
(d) for 3 months and more but less than 6
months.
(e) For less than 3 months
Total [Overdue deposits]
(ii) Break-up of over due deposits as follows:
Particulars :
Less than Rs.1,000
More than Rs.1,000 but
Les than Rs.5000
Rs.5000 or more
(iii) Deposits which are not
overdue
(a)
Amounts of deposits
which will become repayable by 31st March next
(b)
Amounts of deposits
which will become repayable in each of the next half year from April to September and October to March
during the next 3 years.
(c)
Amounts of deposits
which will become due for repayment after the third year mentioned in (b)
above
TOTAL deposits [Overdue and not over
due]
20.
Please furnish the
following information about payment of interest on deposits as on the date for
which information is furnished against item 19:
(a) Amounts of interest already due for payment but
remaining unpaid
(i)
for 2 years and
more
(ii)
for 1 year and more but
less than 2 years
(iii)
for 6 months and more
but less than one year
(iv)
for 3 months and more
but less than 6 months
(v)
for less than 3
months.
(b)
Amounts of interest on
deposits payment of which will become due
(i)
by 31st
March next
(ii)
in each of the next
half years from April to September and October to March during the next three
years
21.
Please furnish one copy
of each of the return filed with the Registrar of Companies under rule 10 of the
Companies ( Acceptance of Deposits) Rules 1975 as on 31st March, 1975
onwards.
22.
Reasons for reduction
in turnover, if any, during the last 3 years, the net profits (pre-tax/post-tax)
during the next 3 years may be furnished.
Notes :
(i) The company should give up-to-date information in
respect of all questions in this part.
(ii) In case the last date
of the financial year for which the audited accounts are available is more than
12 months prior to the filling of this form, the information as on the next
financial year on the basis of the proforma accounts of the company may be
furnished even though they may not be audited.
(iii) In case
the company has prepared quarterly or half yearly balance sheet/profit and loss
accounts, the information should be furnished as on the latest available date in
the current financial year as per such accounts.
PART C
PROPOSAL(S) AND
REASONS
23.
proposal(s) for
exemption/extension:
(a)
Please indicate in
detail exemption from what and/or extension for which is/are sought quoting the
relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975.
(b)
Please indicate the
period for which exemption/extension is sought.
(c)
Please furnish a
detailed time bound scheme of repayment of deposits during the period for which
exemption/extension is sought.
(d)
Please give detailed
justification for seeking exemption/extension
(e)
If the question of
granting exemption/extension is considered, is the company agreeable to pay the
entire amount of interest already due, as indicated in item 20(a) within 3
months from the date of granting, if any, of the
exemption/extension?
(f)
If exemption/extension
is granted will the company agree to give an undertaking for repayment of
interest in future on due dates?
24.
Has the proposal for
exemption/extension been approved by the board of directors? If so, please furnish a copy of the
resolution. (If not, the company
should take immediate steps to obtain such approval. It is suggested that this form duly
filled-in-draft may be placed before the board of directors for
consideration)
25.
If extension is sought
for repayment of deposits accepted
before 1-2-1975, i.e., the repayment of deposits mentioned in sub-section (3)
(a) of section 58A, please furnish the following details:
No. Amount
Rs.
(i)
Amounts of such deposits repayment of which has become overdue as on the
date of application
(a)
for 3 years and
more
(b)
for 2 years and more
but less than 3 years
(c)
for 1 year and more but
less than 2 years
(d)
for 6 months and more
but less than 1 year
(e)
for 3 months and more
but less than 6 months
(f)
for less than 3
months
TOTAL
(ii) Deposits which are not overdue -
(a)
Amount of deposits
which will become payable by 31st March next
(b)
Amount of deposits
which will become repayable in each of the next half years from April to
September and October to march during the next three years
(c)
Amount of deposits
which will become due for repayment after the 3rd year mentioned in
(b) above.
(iii)
Amount of interest which has already become repayable on such deposits
and has remained unpaid on the date of application:
No. Amount
Rs.
(a)
for 3 years and
more
(b)
for 2 years and more
but less than 3 years
(c)
for one year and more
but less than 2 years
(d)
for 6 months and more
but less than 1 year
(e)
for 3 months and more
but less than 6 months
(f)
for less than 3
months.
(iv) Reasons for which the
deposits and interest thereon, if any, could not be
repaid.
26.
If
extension is sought for repayment of deposits accepted before 1.2.1975, in
contravention of directions issued by the Reserve Bank of India which became
repayable by 1st April, 1975 under sub-section (3)(c) of section 58A,
please furnish the following information:
(i)
period
in which such deposit was taken and the total amount of deposits, which was
accepted initially in contravention of the directions issued by the Reserve Bank
of India.
(ii)
Number
and amount of such deposits, repayment of which is outstanding as on the date of
application.
(iii)
Amount
of interest, if any, due on such deposits but remaining unpaid as on the date of
application.
27.
If
extension is sought for repayment of deposits accepted after 1.2.1975 in
contravention of the Companies (Acceptance of Deposits) Rules, 1975, which
became repayable under sub-section (4) of section 58A, please furnish the
following information:
(i)
Please
indicate which particular rule has been contravened and when, the circumstances
in which the rules have been contravened and the amount
involved.
(ii)
If
deposits have been accepted in excess of prescribed limits please furnish the
following details:
(a)
Deposits
taken initially in excess of the limit prescribed in rule 3(2)(i) of the
Companies (Acceptance of Deposits) Rules, 1975.
(b)
Amount
of such deposits outstanding as on the date of
application.
(c)
Amount
of interest, if any, due on such deposits but remaining unpaid as on the date of
application.
(iii)
(a)
Deposits taken in excess of the limit prescribed in rule 3(2)(ii) of the
Companies (Acceptance of Deposits) Rules, 1975
Period
in which excess deposits were taken
(b)
Amount
of such deposits outstanding as on the date of
application.
(c)
Amount
of interest, if any, due on such deposits but remaining unpaid as on the date of
application.
(iv)
Reasons
for which excess occurred and why the excess and the interest thereon, if any,
could not be repaid.
28.
Whether
the company has accepted or renewed any deposits even after the excess mentioned
in item 27 above was known? If so, please indicate:
(i)
The
number of deposits since accepted/renewed
(ii)
The
number and amount accepted/renewed in each month after the excess was
known
(iii)
The
reasons for accepting/renewing deposits in contravention of the
rules
29.
Whether
the company is presently accepting/renewing such deposits?
30.
Whether
the company had approached the RBI in the past for any exemption from its
directors? If so, whether such exemption was allowed? Please give copies of relevant
correspondence.
31.
Full
details of the investment made by the company in the shares and debentures of
other bodies corporate.
32.
Is there
any scope for disinvestment of such shares, if any?
33.
Full
details of the loans granted by the company to other bodies
corporate.
34.
Why were
the loans mentioned in item 33 above not withdrawn for repayment of
deposits?
35.
Full
details of the cash and bank balances and easily realisable securities and
investments according to the latest balance-sheet of the
company.
36.
Why
cant the surplus funds available as per cash flow statement be utilised for
repayment of deposits
37.
Is there
any liquidation proceedings against the company filed by any depositor pending
before any High Court? If so, please furnish the details
38.
Is there
any civil suit against the company filed by any depositor for recovery of
deposits pending before any Court?
If so, please furnish the details.
39.
Is there
any scheme of repayment approved by the High Court? If so, please furnish the
details.
40.
Is there
any scheme of rehabilitation of the company approved by the financial
institutions/Bankers? If so, please
furnish the details.
41.
Has any
show-cause notice been received by any of the directors for contravention of the
provisions of section 58A of the Act?
If so, please furnish details thereof
42.
Is there
any suit pending against the company and/or its directors for contravention of
any one or more of the provisions of the Companies Act, 1956? If so, please furnish the details
thereof.
43.
Please
indicate licensed capacity, the installed capacity and production during each of
the last 2 years and estimate of production during the current year and next two
financial years.
44.
Whether
the undertaking owned by the company is in full production at present? If not, please give details and reasons
thereof.
45.
Details
of interruption in production during the last 3 years such as strikes/lock-outs,
etc., and reasons thereof.
46.
Details
of expansion plan/investment plan of the company during the next 3 years. Please indicate whether the company
has obtained any letters of intent,
etc.
47.
Full
details of the mortgages and other encumbrances of the assets of the
company.
48.
Details
of the difficulties experienced by the company in achieving the full production
and sales and how the company proposes to overcome these
difficulties.
49.
Details
of contracts in which directors are interested.
50.
Details
of selling agency arrangements, if any, in which the directors are
interested.
51.
Details
of office/place of profits held by the relatives of directors, if
any.
52.
What are
the conditions which the company is prepared to undertake if exemption/extension
is granted in particular in respect of the following
items:
(i)
Composition
of the board of directors by taking the nominees of depositors or financial
institutions.
(ii)
Restriction
on repayment of deposits held by directors and their relatives (give
details).
(iii)
Give
protection or security to depositors for repayment of
deposits.
(iv)
Non-acceptance
and non-renewal of further deposits.
(v)
Professionalisation
of management
(vi)
Any
scheme of reorganizations subject to the supervision of the
Court.
(vii)
Restrictions
on declaration of dividend to shareholders during the period of extension, if
any, granted.
(viii)
Immediate
payment of interest already due and assurance for payment of interest in future
on due dates.
(ix)
In any
other manner.
53.
Any
other information which the company wants to furnish.
54.
Please
furnish the following enclosures:
(i)
One copy
each of the articles of association of the company.
(ii)
One copy
each of the audited accounts of the company together with directors report and
auditors report for the last 3 years of the company.
(iii)
A copy
of the resolution of the board of directors in support of the
proposal.
(iv)
One copy
of each quarterly, half-yearly or other proforma accounts of the company
subsequent to the latest audited accounts.
(v)
One copy
each of the advertisement issued in newspapers pursuant to rule 4 of the
Companies (Acceptance of Deposits) Rules, 1975.
(vi)
Application
fees prescribed (please furnish a crossed demand draft in favour of Pay and
Accounts Officer, Department of Company Affairs, New Delhi, drawn at Punjab
National Bank, Barakhamba Road, New Delhi).
55.
The
newspapers in which the company has published notices regarding the intention to
apply to Central Government for exemption as in Annexure III and date of
publication (press cutting should be attached).
Date
.
.
Signature
.
Name of
person(s)
.
Designation
FINANCIAL
AND LIQUIDITY POSITIONS OF THE COMPANY
ACCORDING
TO THE BALANCE SHEETS OF THE
LAST
THREE YEARS
|
|
Year
ended on |
Year
ended on |
Year
ended on |
|
1. |
2. |
3. |
4. |
|
|
Rs. |
Rs. |
Rs. |
|
Current
Assets
(including investments other than trade investments in subsidiary and/or
managed companies) Less: Current
Liabilities
(including short-term loans and liabilities) (A)
Liquid
surplus Add: (a)
Fixed
Assets (b)
Trade
investments and investments in subsidiary and/or managed
companies Less: Long-term
loans and liabilities (B)
Net
worth as on
.(date of balance-sheet) Note
I:
In making the above computation of net worth, adjustments in respect of
the following items shall be made: (i)
Intangible
assets, e.g., goodwill, etc. (ii)
Doubtful
assets, e.g., doubtful and bad debts, etc. (iii)
Deferred
revenue expenditure (iv)
Accumulated
losses (v)
Arrears
of depreciation (vi)
Arrears
of preference shares dividend (vii)
Any
other amount, appearing in the balance-sheet, required to be deducted in
accordance with accounting practices.
TOTAL |
|
|
|
|
RECONCILIATION
OF NET WORTH PAID-UP CAPITAL Add: Reserves
(Please specify details) Less: Intangible
assets and any other amount required to be deducted (vide Note
above) Net
worth as on
(date of balance-sheet) Note
II :
If the net worth of the company as indicated in column 4 is less than its
paid-up capital, please indicate in details what steps are prepared to be
taken to improve the net worth. |
|
|
|
ANNEX
II
CASH
FLOW STATEMENTS
|
|
Three
previous years |
Current
Year |
Next
Three years | ||||
|
|
Year
ended on |
Year
ended on |
Year
ended on |
Year
ended on |
Year
ended on |
Year
ended on |
Year
ended on |
|
1. |
2. |
3. |
4. |
5. |
6. |
7. |
8. |
|
A.SOURCE
OF FUNDS Sales
and other income Less
cost
of sales and other expenditure (excluding
depreciation) Net profit before tax and depreciation Opening balance of
cash
Additional
capital raised Increase
in other loans (other than deposits) Increase
in deposits received Decrease
in current assets (other than cash) Increase
in current liabilities Any
other item to be specified
TOTAL |
|
|
|
|
|
|
|
|
B.
USE OF FUNDS Increase
in capital assets Increase
in investments Secured
loans repaid other loans repaid (other than
deposits) Deposits
repaid Increase
in current assets (other than cash) Decrease
in current liabilities Tax
payments Dividends Any
other item (to be specified) Closing
Balance of Cash
TOTAL |
|
|
|
|
|
|
|
[See
rule 4]
Registered
Office
Notice
is hereby given that the above named Company proposes to apply to the Central
government for extension of time to comply with, or for exemption from, all or
any of the provisions of section 58A of the Companies Act, 1956 relating to
deposits from public. A copy of the
application made is available for inspection at the registered office of the
company during the working hours.
Any interested person may send his objections, if any, to the Central
Government by means of letter addressed to the Secretary, Department of Company
Affairs, 5th Floor, A Wing, Shastri Bhawan, New Delhi, within
thirty days from the date of publication of this notice.