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
Companies (Application for Extension of Time or Exemption under sub-section (8) of Section 58A) Rules, 1979 Chapter 01
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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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
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