The Investors
Protection Cell in the Department of Company Affairs (DCA) settled
132 complaints of investors during May, 2002. All the complaints
belonged to individual investors.
During
the month, the Regional Benches of the Company Law Board (CLB)
ordered payment of deposits in 1901 cases under Section 58A of
the Companies Act, 1956 and Section 45Q (2) of the Reserve Bank
of India Act, 1934. The CLB also disposed of 549 applications
under other Sections of the Companies Act.
The DCA
also issued three notifications during the month. By a notification
of May 7, 2002, the filing fees payable by foreign companies under
Section 601 of the Companies Act were revised. Further, it was
decided to condone the delay in filing statutory documents by
imposing cost on a standardized basis in order to ease the condonation
of delay process in filing the documents by foreign companies
under the Companies Act. Another notification of May 15, 2002,
enabled companies in hotel business to get exemption from disclosures
of certain information in the profit and loss accounts for three
years at a time instead of seeking exemption on year to year basis.
The third notification of May 22, 2002 required companies to disclose
in their balance sheets name(s) of small scale industrial undertaking(s)
to whom the companies owed any sum together with interest outstanding
for more than 30 days. This was intended to protect the interest
of small scale industries.
