Process of Filling of Application with Company Law Board for Extension for Time of Repayment of Deposit
Repay Deposit:-
As per Section 74(1)(b) Every company which have deposit as on 1st April, 2014 or filed DPT-4 for deposits have to repay within one year from such commencement or from the date on which such payments are due, whichever is earlier.
Powers of Tribunal delegated to CLB:-
The power of extension is given to tribunal under Section 74(2) but as per Company removal of difficulty order dated 6th June, 2014 Ministry have delegated power of tribunal u/s 74(2) to COMPANY LAW BOARD.
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For the extension of repayment of deposit procedure:-
Government of India has passed order no F. No.10/36/2001-COMPANY LAW BOARD” prescribing the procedure of application:
STEP- I: Hold Board Meeting:
· Board Meeting of Company will be hold
· Pass the Resolution
STEP- II: DPT-4:
· Check Whether DPT-4 field or not.
· If not Filed then file before making application with COMPANY LAW BOARD.
STEP- III: Advertisement in local News Paper.
STEP-IV: copy of notice to depositers:-
The company shall also serve a copy of the General Notice in the form No. 8 to every Deposit holders whose deposits are covered under the application seeking extension of the time by SPEED POST
STEP-V: Preparation of Documents:
· Prepare Application – Form No7
· Memorandum of Appearance as per Annexure II (Form-5).
· Demand draft of Rs 5000/- in favor of ‘Pay and Accounts officer, MCA, payable at New Delhi.
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