FORM 1 - Information required in respect of application for extension of time or for exemption under sub-section (8) of section 58A of the Companies Act, 1956

Extension or exemption from deposit repayment requires exhaustive financial disclosure and a time bound repayment scheme.

The Form prescribes comprehensive information and documentary support for applications for extension of time or exemption under section 58A(8): corporate identity and governance data; detailed financial schedules (effective capital, paid up capital, reserves, long term borrowings, net worth, three year working results); full deposit position and interest ageing; cash flow statements for past, current and projected years; outstanding liabilities to financial institutions; a precise, time bound repayment proposal with board approval and undertakings on interest; disclosures where deposits were taken in contravention of rules; and mandated enclosures including audited accounts, board resolution, interim accounts, and advertisement cuttings.