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2018 (1) TMI 1178 - Tri - Companies LawExtension of time for repayment of deposits under Section 74 of the Companies Act, 2013 - Repayment of deposits, etc., accepted - Held that:- Having earned extension for such a long duration from the original period of maturity of fixed deposits and even getting the relief of reduced interest @ 8% per annum after the date of maturity, how can the company bring another excuse of its difficult financial position in stopping unilaterally the payments and then move application for extension of time. There should be some end to the period of extension having sought a large flexibility in making payments to the deposit holders. The losses which the company suffered in the past about five years have been given in the tabulated information in the chart filed with the registry on 23.08.2017. The loss before tax was ₹ 2385.06 lacs for year ending 30.06.2012 which has been constantly increasing from year to year and the figure of loss for the financial year ending 31.03.2017 came up to ₹ 36291.47 lacs. With this financial position, there seems to be no sincere effort at all on the part of the company in complying with the directions issued by the Company Law Board in the year 2013. With this affidavit, the audited Balance Sheets for the financial years 2015-16 and 2016-17 are also attached. For how much period, the depositors would keep suffering because of such kind of the excuses by the company without any fault of theirs. The depositors have been constantly urging on the implementation of the directions passed in the order of the year 2013 of the Company Law Board. Thus this application to be without merit and the same is dismissed. However, the company is directed to pay the arrears which remain pending till date to the depositors within a period of two months from the date of this order and keep on paying the rest of the amount strictly in terms of the order dated 30.09.2013 of the Company Law
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