Company Law Board empowered to direct company to make repayment Failure to comply with order is punishable with imprison­ment and fine

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..... red to direct company to make repayment ‑ Failure to comply with order is punishable with imprison­ment and fine A number of complaints have been received from the members of the public regarding default by companies in the repayment of deposits (and interest thereon) collected by them. In order to protect the interests of the depositors, section 58A of the Companies Act, 1956, has been .....

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..... ho have not been repaid, may make an application (in triplicate) to the Company Law Board Bench (located at Delhi, Calcutta, Bombay and Madras depending upon the registered office of the company) in the prescribed Form No. 11, along with an application fee of Rs. 50 by bank draft in favour of the Pay and Accounts Officer, Department of Company Affairs. The application can either be filed with the .....

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..... 85, in respect of which the Board for Industrial and Financial Re­construction (BIFR) has specifically, by order, suspended the operation of any contract, agreement, settlement, etc., under section 22(3) of the said Act. (iv) Deposits accepted by relief undertakings, which are notified as such under the various State laws. Proceedings under section 58A(9) of the Companies Act, 1956, shall re .....

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