Circular No: 11/2013, Dated: 29th May, 2013
Sub: Power of ROCs to obtain declaration/affidavits from subscribers/first directors at the time of incorporation.
The matter of protection of interest of investors, including depositors, is very important to ensure healthy corporate capital market environment in the country. The recent instances of raising of monies by companies in a manner which is opaque/convoluted, non-accountable and which does not protect interests of depositors have been taken note of by the Ministry seriously.
Keeping in view the need to protect the interest of investors and ensure that companies raise monies in accordance with the provisions of the Companies Act/Deposit Rules, it is clarified that in exercise of the powers under the Companies Act, the Registrar of Companies may obtain declaration/affidavits from subscribers/first directors first at the time of incorporation and from directors, subsequently whenever company changes its objects, to the effect that company/directors shall not accept deposits unless compliance with the applicable provisions of Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules/directions/regulations made there under are duly complied and filed with the concerned authorities.
On Rs.20 Stamp Paper
& Notarized for all directors
Affidavit
I, ………………………………………………………………………………….
( Name, Age, Address ) swear and affirm that I being the subscribers/first
directors of the company “ ( Name of Company)…………………………………………………..” that company/directors shall not accept deposits unless compliance
with the applicable provisions of Companies Act, 1956, RBI Act, 1934 and SEBI
Act, 1992 and rules/directions/regulations made there under are duly complied
and filed with the concerned authorities.
I SWEAR OR AFFIRM THAT THE
ABOVE ARE TRUE AND CORRECT TO THE BEST OF MY INFORMATION, KNOWLEDGE, AND
BELIEF.
Place :
I SWEAR OR AFFIRM THAT THE ABOVE ARE TRUE AND CORRECT TO THE BEST OF MY INFORMATION, KNOWLEDGE, AND BELIEF.
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