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This is an archive article published on August 20, 1999

CLB lists 300 defaulting cos

NEW DELHI, AUGUST 19: The Company Law Board CLB has indentifed over 300 companies, including non-banking finance companies NBFC which...

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NEW DELHI, AUGUST 19: The Company Law Board CLB has indentifed over 300 companies, including non-banking finance companies NBFC which have been defaulting in repayment of fixed deposits.

CLB has prepared schemes for recovery of Rs 750 crore for repayment to the depositors and have also directed the defaulting companies to repay the amount.

Out of the total amount of Rs 750 crore, CLB has prepared schemes for 30 NBFCs for recovery of Rs 500 crore and Rs 250 crore from 25 manufacturing companies, official statement said today. However, CLB has not been able to detect the whereabouts of directors of 100 defaulting NBFCs, but the board is in close coordination with the RBI to locate them.

 

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