Press Information Bureau

Government of India

Ministry of Corporate Affairs

08-September-2011 15:02 IST

Violation of Terms and Conditions for Deposit

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that 41 complaints alleging non-repayment of deposits were received during the last three years.

Prosecutions were filed against M/s. Morepen Laboratories Limited, M/s. Euro Cotspin Limited, M/s. Asian Alloys Limited and M/s. Unique Entrade Private Limited.

Names of the companies who have been asked to offer comments on complaints are:

1. M/s. Medinova Diagnostics Services Limited;

2. M/s. SVPCL Limited;

3. M/s. Prestige Holiday Resorts Private Limited

4. M/s. Dharti Dredging and Infrastructure Limited;

5. M/s. Nagarjuna Plantations Limited;

6. M/s. Nagarjuna Agrichem Limited;

7. M/s. SOL Pharmaceuticals Limited;

8. M/s. Raji Vedant Constructions (India) Private Limited;

9. M/s. Charminar Steels Limited;

10. M/s. Nagarjuna Plantations Limited; and

11. M/s. Royal Goa Beach Resorts Private Limited.

The minister was replying to a written question whether the Government has received any complaints about the violation of terms and conditions pertaining to public deposits and the non-repayment of these deposits by private companies during the last three years; the details of the companies against whom action has been taken in this regard during the said period; and the details of companies against whom action is pending alongwith the reasons for the delay.

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ST/-

Violation of deposit terms prompts prosecutions and inquiries into non-repayment by private companies, with companies asked to respond. Violation of deposit terms and non-repayment of public deposits by private companies prompted governmental inquiry and enforcement action. Prosecutions were instituted against several named companies for alleged breaches, and additional companies have been asked to provide comments as part of ongoing compliance and fact-finding processes.