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MCA relaxes deposit norms for start-up Cos.; allows additional 5 yrs time to repay deposits of Rs. 25 lakhs or more

September 8, 2020
The Ministry of Corporate Affairs has notified the Companies (Acceptance of Deposits) Amendment Rules, 2020 whereby Rule 2 (c) (xvii) of the said rule has been amended. Now, start-up Cos. who have accepted Rs. 25 lakhs or more by way of convertible note may convert into equity or repay within 10 years from the date of issue in a single tranche. Earlier time period for conversion into equity or repayment was 5 years.
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