In view of the suggestions received from the stakeholders to give transitional period for complying with the deposit insurance requirements, the amendment in the relevant rule has been made allowing companies to accept deposits without deposit insurance for one year i.e. till 31.03.2015. -
CLB can allow further time to companies for repayment of deposits/interest in certain cases
MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 6th June, 2014 S.O. 1460(E).— In exercise of the powers conferred by sub-section (1) of Section 470 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Order, namely:— 1. (1) This Order may be called the Companies (Removal of Difficulties) Fourth Order, 2014. (2) It shall come into force from the date of notification in the Official Gazztte. 2. Jurisdiction, powers, authority and functions of Company Law Board.- Until a date is notified by the Central Government under sub-section (1) of Section 434 of the Companies Act, 2013 (18 of 2013), the Company Law Board constituted in pursuance of sub-section (1) of Section 10E of the Companies Act, 1956 (1 of 1956) shall exercise the jurisdiction, powers, authority and functions of the Tribunal under sub-section (2) of Section 74 of the said Act. -
With a view to allow relief to companies facing difficulties in repayment of deposits, provisions of section 74(2) & (3) of the Act have been brought into force with effect from 6th June, 2014 and the Company Law Board (CLB) has been allowed to exercise the powers to allow further time to companies for repayment of deposits/interest in certain cases.
MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 6th June, 2014 S.O. 1459(E).— In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 6th day of June, 2014 as the date on which the provisions of sub-sections (2) and (3) of Section 74 of the said Act shall come into force. [F. No. 1/8/2013-CL-V ] AMARDEEP SINGH BHATIA, Jt.Secy. -
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