MUMBAI/NEW DELHI, FEBRUARY 4: The Company Law Board (CLB) has directed defaulting nidhi company Kuber Mutual Benefits Ltd to repay the money to its depositors in the ``next two years''.While deposits between Rs 10,000 and Rs 15,000 has to be paid in three six monthly equal instalments and for deposits over Rs 15,000, repayment is to be made in four equal six monthly instalments.As per the CLB directions, entire amount of Rs 100 crore in the form of various deposits has to be re-paid by Kuber by the end of 2002. However, the order said the repayment scheme would be subject to any modification being ordered by Delhi High Court, which has received various public interest litigations against Kuber.CLB order said Kuber has to pay interest rate on these deposits at the contracted rate up to the date of maturity and after that the company has to pay 12.5 per cent interest rate annually till the actual payment. But the entire interest rate to the depositors will be paid along with the last instalment.Kuber started defaulting in repayment in October-November 1998 after Delhi High Court restrained the company from selling its assets except in the normal course of business, and following a sudden mass move by large number of depositors for withdrawal of their deposits.In addition to it, the economic slowdown and imbalance in the inflow and outflow of funds also affected the repayment. Before CLB, the company counsel said that the Reserve Bank of India (RBI) had carried out the inspection of Kuber and found that it had assets more than its liabilities.The counsel also informed the board that the company has also sought the permission of Delhi High Court to sell properties for repayment of its various liabilities including deposits.
