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Core Purpose

Notification amending the Companies (Prospectus and Allotment of Securities) Rules, 2014 by inserting a proviso to sub-rule (2) of Rule 9B extending the compliance timeline for producer companies.

Detailed Summary

Issued by the Ministry of Corporate Affairs (G.S.R. 583(E), New Delhi, dated 20th September 2024), in exercise of powers under Section 26, sub-section (1) of Section 27, Sections 28 and 29, sub-section (2) of Section 31, sub-sections (3) and (4) of Section 39, sub-section (6) of Section 40 and Section 42 read with Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government makes the Companies (Prospectus and Allotment of Securities) Amendment Rules, 2024, effective from the date of publication in the Official Gazette, inserting a proviso to sub-rule (2) of Rule 9B of the Companies (Prospectus and Allotment of Securities) Rules, 2014 providing that a producer company covered under that sub-rule shall comply with its provisions within five years of closure of the relevant financial year; the principal rules were published vide G.S.R. 251(E) dated 31st March 2014 and last amended vide G.S.R. 802(E) dated 27th October 2023; F. No. 1/21/2013-CL-V, signed by Manoj Pandey, Addl. Secy.

Full Text

6100 GI/202 4 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( i) PUBLISHED BY AUTHORITY No. 541] NEW DELHI, FRIDAY , SEPTEMBER 20, 2024/BHADRA 29, 1946 CG-DL-E-21092024-257343 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th September, 2024 G.S.R. 583(E).—In exercise of the powers conferred by section 26, sub -section (1) of section 27, section 28, section 29, sub -section (2) of section 31, sub -sections (3) and (4) of section 39, sub -section (6) of section 40 and section 42 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Prospectus and Allotment of Securities) Rules, 2014, namely:― 1. (1) These rules may be called the Companies (Prospectus and Allotment of Securities) Amendment Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Prospectus and Allotment of Securities) Rules, 2014, in sub -rule (2) of rule 9B, the following proviso shall be inserted , namely : ― “Provided that a producer company covered under this sub -rule shall, within a period of five years of closure of such financial year, comply with the provision of this sub -rule.”. [F. NO. 1/21/2013 -CL-V] MANOJ PANDEY , Addl. Secy. Note: —The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub -section (i), vide number G.S.R. 251(E), dated the 31st March, 2014 and last amended vide notification G.S.R. 802(E), dated the 27th October, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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