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 |
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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 |
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Definitions |
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Acceptance of deposits by Companies |
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Form and particulars of advertisements |
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Form of Application for deposits |
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Return of deposits to be filed with the Registrar |
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Penalty |
Chapter IV |
Conclusions and Recommendations |
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Conclusions and Recommendations |
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Recommendations |
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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 |
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Statement showing Refund/Non-Refund of Company Deposits by Private Companies |
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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 |
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Balance Sheet as at 31-3-1990 |
Annexure E |
Exercise of suo moto powers under section 58A(9). |
Annexure F |
Annexure 'F' |
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Company Law Board |
Annexure G |
Annexure 'G' |
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Ambalal Sarabhai Enterprises Limited, Post Box |
Annexure H |
D.O. NO. 1/91MISC./CLBS |
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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 |
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Public Deposits |
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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 |
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Manager's Certificate |