Report No. 143
Legislative Safeguards for Protecting the Small Depositors from Exploitation
| Contents |
| Chapter I |
Introduction |
| 1.1 |
The perspective |
| 2. |
How attention was focused on the issue |
| 3,4. |
The survey of complaints regarding defaults in repayments |
| 5 to 7. |
Nearly 10,000 depositor's helped in recovering rupees 3.50 crores |
| Chapter II |
Results of the Survey and Findings emerging therefrom |
| 2.1 |
Press Release |
| 2. |
Response |
| 3. |
Companies addressed |
| 4. |
Analysis of Responses |
| 5. |
Outcome of the exercise |
| 6. |
The alarming revelation |
| 7. |
Sample Survey |
|
M/s. Ambalal Sarabhai Enterprises Ltd., Wadi Wadi, Baroda-390 007 |
| 8. |
M/s. Himachal Pradesh Agro Industries Corporation, Shimla-171002 |
| 9,10. |
M/s. Shree Vallabh Glass Works Ltd., Vithal Udyog Nagar-388121 |
| 11 to 16. |
Solution |
| Chapter III |
Relevant Statutory Provisions |
| 3.1,2,3. |
Companies Act, 1956 |
|
Definitions |
|
Acceptance of deposits by Companies |
|
Form and particulars of advertisements |
|
Form of Application for deposits |
|
Return of deposits to be filed with the Registrar |
|
Penalty |
| Chapter IV |
Conclusions and Recommendations |
|
Conclusions and Recommendations |
|
Recommendations |
|
Draft Amendments |
| Appendix A |
Non-refund of Company Deposits |
| Appendix B |
Statement showing Refund/Non-Refund of Company Deposits by various Companies declared Sick/Relief Units |
|
Statement showing Refund/Non-Refund of Company Deposits by Private Companies |
|
Statement showing Refund/Non-Refund of Company Deposits by various Companies other than Private and Sick Companies |
| Appendix C |
Statement showing Refund of Deposits by Companies on initiative of the Law Commission |
| Appendix 'CC' |
Telegram |
| Annexure A |
Law Commission of India Ministry of Law and Justice Government of India |
| Annexure B |
Annexure 'B' |
| Annexure C |
Annexure 'C' |
| Annexure D |
Law Commission |
| Annexure B-I |
Ambalal Sarabhai Enterprises Limited |
|
Balance Sheet as at 31-3-1990 |
| Annexure E |
Exercise of suo moto powers under section 58A(9). |
| Annexure F |
Annexure 'F' |
|
Company Law Board |
| Annexure G |
Annexure 'G' |
|
Ambalal Sarabhai Enterprises Limited, Post Box |
| Annexure H |
D.O. NO. 1/91MISC./CLBS |
|
Before the Company Law Board, Western Region Bench, Bombay |
| Annexure I |
Himachal Pradesh Agro-Industries Corporation Limited |
| Annexure J |
D.O. NO. 3/90/CH (LC) |
| Annexure K |
D.O. NO. 15/2/90-CLB |
| Annexure L |
Non-payment of company deposits by Himachal Pradesh Agro-Industries Corpn. Ltd |
| Annexure M |
Public deposits remaining unrefunded beyond the date of maturity |
|
Public Deposits |
|
Form |
| Part 1 |
Particulars of Depositors Etc |
| Part 2 |
Particulars of Liquid Assets (Rule 3A) |
| Part 3 |
Particulars of Exempted Borrowings, etc. Not considered as Deposits |
|
Manager's Certificate |
