Sr No

Sec.

1956 Act

2000 Act

6.

43A

Deemed Public Companies

6) By the new Sub-section (2A) to this Section, such Companies shall inform the Registrar that they have become Private Companies.

Sub-section (11) to the Section provides that nothing contained in this section, except sub-section (2A) shall apply on and after the commencement of this Act.

[ The object of this provision is to wipe out the Category of Deemed Public Companies and bring them under the category of Private Limited Companies. Though this is a welcome measure, as it would free the Deemed Public Companies from the compliance of many provisions applicable only to a Public Company]

7

55A (new)

Powers have been vested with SEBI, so far as the matters relate to issue and transfer of securities & payment of dividend, in the case of listed Public Companies.

8

58AA(new)

58AAA

A new term 'small deposittor' and their rights has been included. A small depositor is one whose deposits in a Company are less than Rs.20,000 in a year.

Important fact to be noted here, is any bank loan obtained for working capital after accepting such deposits are first to be applied for the repayment of such deposit or interest thereof, before applying them for any other purpose.

Offence under the section to be treated as cognizable offence, under the Code of Criminal Procedure.