Guidelines for filing statutory applications under Section 58A(8) of the Companies Act, 1956

Guidelines for filing statutory applications under Section 58A(8) of the Companies Act, 1956

An application submitted under Section 58A(8) of the Companies Act, 1956 should be in accordance with the Companies (Application for Extension of Time or Exemption under sub-section (8) of Section 58A) Rules, 1979 and be accompanied by the following:

—   Original newspaper clippings of the public Notices published in English and vernacular language of the region in which registered office of the company is situated in the manner specified in Form 2 appended to the Rules.

—   Certified copy of Resolution of the Board of Directors approving the proposal of the company.

—   Copy of previous approval/order, if any, obtained under Section 58(A) from the Central Government granting exemption/extension of time during last ten years.

—   Certificates from the statutory Auditors:

—    to the effect that the company has not contravened any other provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 except those for which the application is submitted.

—    to the effect that the deposits held by the company are within limits and that no contravention of the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 exists at present.

—   Deposit position of the company as at 31st March during the current year and the past two years showing the details as under:

One copy each of the advertisement issued in newspapers pursuant to Rule 4 of the Companies (Acceptance of Deposits) Rules, 1975