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of <h1>MCA Clarifies Complaint Process for Pre-2014 Deposit Defaults; CLB to Act as NCLT u/ss 73(4) & 74(2.</h1> The Ministry of Corporate Affairs clarifies the process for handling complaints regarding companies defaulting on deposit repayments accepted before the Companies Act, 2013, effective from April 1, 2014. The Company Law Board can exercise powers of the National Company Law Tribunal under sections 73(4) and 74(2) until its constitution. Depositors may file applications with the Board if companies fail to repay deposits, and companies can seek extensions for repayments. Companies must repay deposits per the original terms, and Registrars can prosecute non-compliant companies under the Companies Act, 1956 or 2013, subject to specific provisions.
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