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Mob: +918130757966
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REPAYMENT OF DEPOSIT: As per Section 74(1) (b) Every company which have deposit as on 1st
April, 2014 or filed DPT-4 for deposits have to repay within one year from such
commencement (31st March, 2015) or from the date on which such payments are due,
whichever is earlier.
Delegation of Power of Tribunal to COMPANY LAW BOARD:
BOARD:
But many companies are not able to make repayment before 31st March, 2015 then Companies
required making an Application before COMPANY LAW BOARD for Extension for period for
repayment of Deposits. The power of extension is given to tribunal under Section 74(2) but as
per Company removal of difficulty order dated 6th June, 2014 Ministry have delegated power
of tribunal u/s 74(2) to COMPANY LAW BOARD.
Language of Removal of Difficulty Order:
Until a date is notified by the Central Government under sub section (1) of Section 434 of the
Companies Act, 2013 (18 of 2013), the Company Law Board constituted in pursuance of subsection (1) of Section 10E of the Companies Act, 1956 (1 of 1956) shall exercise the
jurisdiction, power, authority and functions of the Tribunal under Sub-Section (2) of Section
74 of the said Act.
Crux: Power of Tribunal u/s 74(2) has been delegated to CLB until unless tribunal doesnt come
into force.
CS DIVESH GOYAL
Practicing Company Secretary
Mob: +918130757966
csdiveshgoyal@gmail.com
If not Filed then file before making application with COMPANY LAW BOARD.
CS DIVESH GOYAL
Practicing Company Secretary
Mob: +918130757966
csdiveshgoyal@gmail.com
Demand draft of Rs 5000/- in favour of Pay and Accounts officer, MCA, payable at
New Delhi.
Certified True of Last three financial years Balance Sheet immediately proceeds the year
of application.
STEP-VI: Documents required to be attach with application (Form-7) for extension with
COMPANY LAW BOARD:
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
X.
CONCLUSION:
Above given is complete process for making of application with Company Law Board for
extension for time period repayment of Deposit by the Companies under Companies Act, 2013.