Compulsory repayment enforcement: Company Law Board can order deposit repayment and punish non compliance with imprisonment and fine. Amendment to section 58A empowers the Company Law Board to direct repayment of matured deposits and to impose conditions and time for repayment; non compliance attracts imprisonment and a daily fine. Depositors may apply in the prescribed form (in triplicate) with the application fee to the relevant regional bench or the Board may proceed on its own motion; the amendment covers matured deposits unpaid before commencement.
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.
Compulsory repayment enforcement: Company Law Board can order deposit repayment and punish non compliance with imprisonment and fine.
Amendment to section 58A empowers the Company Law Board to direct repayment of matured deposits and to impose conditions and time for repayment; non compliance attracts imprisonment and a daily fine. Depositors may apply in the prescribed form (in triplicate) with the application fee to the relevant regional bench or the Board may proceed on its own motion; the amendment covers matured deposits unpaid before commencement.
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