Lack of funds for repayment of deposits.

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Rajeshree Desai (Querist)
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22 March 2015 Can anybody help me about how can we apply to the company law board for granting extension for repayment of deposits under section 74 of companies act 2013.
Sub-Section (2) and (3) of section 74 gives power to Tribunal, further given to CLB by a notification dated 6-6-2014, to grant extension, but i am not finding any procedure for applying for the same.
Our company cannot repay its deposit due to lack of funds. Kindly provide us solution for the same.

Kaustuv

Kaustuv (Expert)
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23 March 2015 Pending constitution of NCLT, power u/s 74(2) of the Companies Act, 2013 has been given to CLB. CLB has published an order dated 28th January, 2015 to amend CLB regulations, 1991 and provide for the manner of application u/s 74(2) to CLB. The salient features of the procedures are as follows:-

1) Form No.7 as detailed in the said order.

2) Newspaper advertisement in two English daily and one vernacular daily of the region in which the registered office of the company is situated.

3) Last three years financials and also next 3 years cash flow statement. Month wise turnover of three years, certified by a CA.

4) DPT-4 filed

5) DD of Rs. 5,000/

Please download the Amendment order from the following link for the detailed procedure and requirements:-

http://www.clb.nic.in/orders/Order%20Dated_28.01.2015.pdf

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