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Report No. 143

Legislative Safeguards for Protecting the Small Depositors from Exploitation

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
Acceptance of deposits by Companies
Form and particulars of advertisements
Form of Application for deposits
Return of deposits to be filed with the Registrar
Chapter IV Conclusions and Recommendations
Conclusions and 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
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

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