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Report No. 143

Annexure 'L'

D.O. NO. 10/90/CH-LC

October 30th, 1990

Ref.: My D.O. No. 3/90/Ch-LC, dated 25th May, 1990.

Your D.O. No. 15/2/90/CLB, dated 23-10-1990.

Sub.: Non-payment of company deposits by Himachal Pradesh Agro-Industries Corpn. Ltd.

Dear Shri Upasani,

Thanks for your D.O. under reply apprising me of the action taken in the wake of the personal discussion at the meeting between us on 26th September, 1990.

I have no doubt that you will do the needful in accordance with law in order to bring succour to the credulous and unwary small depositors who have been subjected to serious injury and grave injustice for many-many years and that too by a state-owned corporation and are helpless to help themselves by approaching the company law board directly at a cost which might well exceed their dues. I have no doubt that the outcome will provide the requisite incentive and operate as a praiseworthy precedent for future rescue operations of this nature.

I hope you will be racious and good enough to keep the Commission apprised of the developments.

With warm regards,

Yours sincerely,
(Sd./-)
(M.P. Thakkar)

Shri S.P. Upasani,
Chairman,
Company Law Board,
Department of Company Affairs,
Shastri Bhavan,
New Delhi-110001.



Legislative Safeguards for protecting the Small Depositors from Exploitation Back




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