Section 47, 53, 54, 62, 73 and 74 of Companies Amendment Act 2017

Amendment of section 47 of Companies Act 2013

11. In section 47, in sub-section (1), for the words, figures and brackets "provisions of section 43 and sub-section (2) of section 50", the words, figures and brackets "provisions of section 43, sub-section (2) of section 50 and sub-section (1) of section 188" shall be substituted

Amendment of section 53 of Companies Act 2013

12. In section 53 of the principal Act,-
(i) in sub-section (2), for the words "discounted price", the word "discount" shall be substituted;

(ii) after sub-section (2), the following sub-section shall be inserted, namely:-

"(2A) Notwithstanding anything contained in sub-sections (1) and (2), a company may issue shares at a discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan or debt restructuring scheme in accordance with any guidelines or directions or regulations specified by the Reserve Bank of India under the Reserve Bank of India Act, 1934 or the Banking (Regulation) Act, 1949.".

Amendment of section 54 of Companies Act 2013

13. In section 54, in sub-section (1), clause (c) shall be omitted.

Amendment of section 62 of Companies Act 2013

14. In section 62 of the principal Act,-
(i) in sub-section (1), in clause (c), for the words "of a registered valuer subject to such conditions as may be prescribed", the words and figures "of a registered valuer, subject to the compliance with the applicable provisions of Chapter III and any other conditions as may be prescribed" shall be substituted;

(ii) for sub-section (2), the following sub-section shall be substituted, namely:-
"(2) The notice referred to in sub-clause (i) of clause (a) of sub-section (1) shall be dispatched through registered post or speed post or through electronic mode or courier or any other mode having proof of delivery to all the existing shareholders at least three days before the opening of the issue.".

Amendment of section 73 of Companies Act 2013

15. In section 73 of the principal Act, in sub-section (2),- (i) for clause (c), the following clause shall be substituted, namely:- "(c) depositing, on or before the thirtieth day of April each year, such sum which shall not be less than twenty per cent. of the amount of its deposits maturing during the following financial year and kept in a scheduled bank in a separate bank account to be called deposit repayment reserve account;"; (ii) clause (d) shall be omitted; (iii) in clause (e), for the words "such deposits;", the following shall be substituted, namely:- "such deposits and where a default had occurred, the company made good the default and a period of five years had lapsed since the date of making good the default;".

Amendment of section 74 of Companies Act 2013

16. In section 74, in sub-section (1), for clause (b), the following clause shall be substituted, namely:-
"(b) repay within three years from such commencement or on or before expiry of the period for which the deposits were accepted, whichever is earlier:

Provided that renewal of any such deposits shall be done in accordance with the provisions of Chapter V and the rules made thereunder.".