Financial Daily from THE HINDU group of publications
Tuesday, Jul 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 20, 2004 |
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Corporate
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Fixed Deposits 147 prosecutions for Cos Act violation on fixed deposits Our Bureau
New Delhi , July 19 THE Government is aware that some public limited companies do not adhere to the statutorily prescribed norms and regulations relating to acceptance and repayment of fixed deposits from the public, the Minister of State (Independent Charge) for Company Affairs, Mr P.C. Gupta said in Lok Sabha on Friday. Action taken by the Government on the erring companies includes launching of prosecutions against public limited companies both in relation to violation of rules in acceptance of deposits and defaults in repayments. The total number of prosecutions launched under the Companies Act against companies for non-compliance of provisions relating to fixed deposits during the last three years was 147 (52 in 2001-02, 57 in 2002-03 and 38 (provisional) in 2003-04). These cases are in the courts in different stages of hearing, Mr Gupta informed.
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