MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 5th September, 2019
G.S.R. 636(E) —In exercise of the powers conferred by Sub-sections (2) and (4) of section 132 sub-section (1) of section 139 and sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, to amend the National Financial Reporting Authority Rules, 2018, namely :-
(2) They shall come into force on the date of their publication in the Official Gazette.
“Explanation.- For the purpose of this clause, “banking company” includes ‘corresponding new bank’ as defined in clause (d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and clause (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) and ‘subsidiary bank’ as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Bank) Act, 1959 (38 of 1959).”.
“Provided that where the disposal does not take place within the said period, the Division shall record the reasons for not disposing off the show-cause notice within the said period, and the chairperson, may, after taking into account the reasons so recorded, extend the aforesaid period by such additional period not exceeding ninety days as he may consider necessary:
Provided further that the chairperson may, if he thinks fit, grant the said extension of period more than once.”
[F. No. 1/4/2016 CL-I]
K. V. R. MURTY, Jt. Secy.