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2015 (6) TMI 219 - COMPANY LAW BOARD NEW DELHIApplication for extension of time for payment to deposit-holders after maturity - Application u/s 74(2) of the Companies Act, 2013 - Exemption from maintaining liquid assets as required under clause (c), sub-section (2) of Section 73 of the Companies Act, 2013 and Rule 13 of the Companies (Acceptance of Deposit] Rules, 2014 - Whether reschedulement of deposits are allowed in Companies Act, 2013 - Held that:- On seeing innumerable complaints coming from various depositors complaining that this company has not even cleared the deposits already matured, which the company ought to repay to the depositors as agreed by the company, therefore, I hereby hold that the company failed to clear the cases of matured fixed deposits and has not made any serious efforts in clearing the deposits already matured long before, leave of the other prematured deposits lying with the company against which several complaints come to the applicant company and various Government Authorities, it could be evident from the application that the company is not likely to dear the dues as mandated by the statute, it is understandable that company is genuinely making efforts to clear the dues, if it had cleared the FOs already matured. On the contrary, the company has come with its projections linking payments to the depositors to its projections so as to say it will require time more than that company mentioned in the agreements entered into with the depositors. I made it clear that under new Act there is no provision for reschedule of deposits, it has all been done away with in the new Act, reschedule of deposits is a history now. However, the company is granted 30 days' time to clear all matured deposits along with interest accrued from the date of this order, as to the complaints demanding payment of premature deposits, the company shall pay premature deposits along with interest @12%, preferably, within 30 days' time from the date of this order.The company is directed to pay FDs as per order of maturity. As to premature deposits, the company has to pay giving priority to date of maturity and date of complaint received by CLB, Ministry of Corporate Affairs, the company and by other Government Authorities. - Decided against the appellant.
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