Depositors can file complaint before CLB until NCLT is constituted; MCA clarifies

This Ministry has received representations seeking clarification regarding processing of the deposits related complaints received from investors in respect of defaults made by companies in repayment of deposits accepted by them before the commencement of the Companies Act, 2013.

The Ministry hasnow clarified that Company Law Board (‘CLB’) would dispose of the complaints received from investors until the National Company Law Tribunal (NCLT) is constituted.Further, Companies can approach CLB for granting extension of time for making repayment of deposits accepted by it before the commencement of the Companies Act, 2013.It is also clarified that there is no bar on the Registrar of Companies for filing of prosecution against a company if such company fails to make repayment of deposits accepted by it under the provisions of the Companies Act, 1956 or Companies Act, 2013.