Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (6) TMI 219 - COMPANY LAW BOARD NEW DELHI

2015 (6) TMI 219 - COMPANY LAW BOARD NEW DELHI - TMI - Application 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd 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 depo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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. - C.P. NO.10/18 OF 2015 - Dated:- 22-5-2015 - B.S.V. PRAKASH KUMAR, J. ORDER The applicant company has filed this application u/s 74(2) of the Companies Act, 2013 for seeking extension of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Rules, 2014. On 31,3.2014, the Applicant Company has outstanding dues of Rs,241,123 crores towards principal and interest outstanding to Bank and Financial Institutions, as mentioned In note 47 to the Financial Statements- The Applicant Company is a going concern and has all intentions to profitably and effectively run the Applicant Company and to pay to its depositors. It further submits that it had been repaying principal sum along with agreed rate of interest regularly without delay since Ma .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y deposit amount of ₹ 25,000/- within 9 months from the date of maturity, to pay deposit amount of ₹ 25,001 to ₹ 1,00,000/-, 50% within 15 months from the date of order; remaining 50% within 30 months from the date of order, to pay deposit amount of ₹ 1,00,000/- and above , 30% within lb months from the- date of order, 30% within 30 months from the date of the order and 40% within 42 months from the date of order as to FDs due for the year 2015-16, ₹ 25,000/- shaft .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

aturity, remaining 40% within 42 months from the date of maturity. 3. Some of the depositors have appeared before this Bench. One Shri Nirmal Lamba, Senior Citizen Residing at 24/24, Punjabi Bagh Extn. stated that he deposited ₹ 2,50,000/-[ as' FDR) in the company that was already matured on 5.2.2014. He further submits that his wife has become sick and hospitalized in Shree Ganga Ram Hospital, He says that on 13.2.2014 he made a request to release his FD afready matured and thereafter .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

. These depositors placed figures showing the company has made ₹ 2611 crores turnover in 9 months' period ending 31.12-2014 with profit of Rs,432 crores in 9 months. They say the company has several properties at various places in India. Though the company has not been paying not even to the depositors whose FDS are matured. 5. The Ministry of Corporate vide letter dated 30.4.2015 has forwarded 18 complaints to the company with a request to send an acknowledgement to the complainant wi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

this company. 6. On seeing the totality of the situation, it appears that the company has defaulted in repaying FDs already matured despite company is making profits. It is hereby clarified that the New Companies Act, 2013 has given a mandate repayment of alt deposits collected within the ambit of repealed Companies Art, 1956 on or before 1-4-2015, notwithstanding the fact whether they are matured or prematured. 7. On seeing innumerable complaints coming from various depositors complaining that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 ther .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version