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. -