Action through Company Law
AGAINST NBFC'S TO RECOVER FIXED DEPOSITS
have been vested with the Company Law Board for
directing the defaulting NBFCs to make repayment
of the deposits / interest with a view to
protect the interests of the depositors.
Bank of India (Amendment) Act,1997 have added
section 45QA to the Act so as to empower the
Company Law Board to order repayment of deposit.
IS SECTION 45QA
45QA reads as follows :
of Company Law Board to order repayment of
deposit accepted by a non-banking financial
company, unless renewed, shall be repaid
other persons interested in the matter.
effect to the above provisions, Company Law
Board Regulations 1991 have been amended vide
Notification No.GSR 433 (E) dated 1st August,
1997-(1997) 26 CLA (ST) 112.
application for refund of deposits and interest
thereon, can be made in prescribed Form No.4 of
the Company Law Board Regulations 1991 in
duplicate along with a fee of Rs.50 by way of
Demand Draft/Pay Order in favour of Pay &
Accounts Officer, Department of Company Affairs
to the Bench Officer, Company Law Board, at New
Delhi/Calcutta/Mumbai/Chennai under whose
jurisdiction, the Registered Office of the
defaulting company falls.
following table gives the jurisdiction of
various offices of the Company Law Board :-in
accordance with the terms and conditions of such
(2) Where a
non-banking financial company has failed to
repay any deposit or part thereof in accordance
with the terms and conditions of such deposit,
the Company Law Board constituted under section
10E of the Companies Act, 1956 (1 of 1956) may,
if it is satisfied, either on its own motion or
on an application of the depositor, that it is
necessary so to do to safeguard the interest of
the company, the depositors or in the public
interest, direct, by order, the non-banking
financial company to make repayment of such
deposit or part thereof forthwith or within such
time and subject to such conditions as may be
specified in the order:
that the Company Law Board may, before making
any order under this sub-section, give a
reasonable opportunity of being heard to the
non-banking financial company.
BY DEPOSITOR UNDER SECTION 58 A (9) OF THE ACT
OR SECTION 45 QA of the RBI Act, 1934. BEFORE
THE COMPANY LAW BOARD (...... BENCH)
THE MATTER OF THE COMPANIES ACT, 1956 (1 OF
1956) SECTION 58 A/RBI ACT,1934.
THE MATTER OF : (Name of the
THE MATTER OF : (Name of the Company)
Name and address of the Depositor-applicant :
Name of the company and address of its
Registered Office :
Name(s) of Depositor(s) (if being filed jointly
by many depositors) with full address and amount
of deposit. (To be enclosed as annexure giving
details under following heads).
Total amount of Deposit :
Fixed Deposit Receipt no. & Date (Photostat
copy to be enclosed) :
Terms and Conditions of Deposit as also date of
maturity of Deposit :
Details of payment made, by the company, if any
Actual amount due as on date of application
Details of correspondence, if any, made between
the company and the Depositor (copy of
correspondence to be enclosed) :
Any other particular(s) as may be considered
Depositor -applicant, therefore, prays : -
that the company be directed to make
repayment of the aforesaid Deposit(s) along
with interest due thereon in accordance with
the Terms and Conditions of the Deposit.
that such further orders be passed as the
Company Law Board may deem fit in the
circumstances of the case.
of the Depositor-applicant)
The application is required to be accompanied by
a demand draft of Rupees Fifty, drawn in
favour of "The Pay and Accounts Officer,
Department of Company Affairs, New Delhi/
Application is to be submitted in duplicate at
one of the following addresses (suiting your
OF CLB BENCH
Western Region branch
15, Narottam Morarjee
Bombay : 400 038.
Officer, Company Law Board
Bhavan, ‘A’ Wing,
5th floor, Block 8
Chennai : 600 006.
Officer, Company Law Board,
Eastern Region Bench,
9, Old Post Office
Street, 6th Floor,
Calcutta : 700 001.
Officer, Company Law Board,
Principal Bench at
Shastri Bhavan, 5th
Floor, ‘A’ Wing,
New Delhi : 110 001.
Pradesh, Goa, and Union territories
of Dadra Haveli,
Daman & Diu.
Nadu, AndhraPradesh, Kerala, Karnataka
and Union Territories of Amindivi,
Minicoy and Lakshadweep Islands and
Orissa, Bihar, Assam, Tripura, Manipur,
Nagaland, Meghalaya, Arunachal Pradesh
& Kashmir, Punjab, Himachal
Haryana and Union territories of
Chandigarh, Delhi,and Uttar Pradesh.