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2016 (7) TMI 765 - Board - Companies LawDefault in making repayment to the depositors as per undertaking given by the Managing Director of the company - Held that:- When the petitioner company could not repay ₹ 30 crores of money in the time given by this Bench as asked by the company on 11-3-2016, it could not be possible for the company to clear ₹ 550 crores dues payable to the depositors in near future. Seeing the developments so far taken place in this case, this Bench is of the opinion that this company would not be in a position to repay the depositors even it further time is extended; therefore this Bench, for having the company defaulted complying with the order dated 11-3-2016, dismissed the petition leaving it open to the depositors to pursue their remedies as per law. Accordingly, this Bench hereby suggests RoC concerned to take appropriate action against the company u/s. 74(3) of the Companies Act, 2013.
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