(a) whether lakhs of rupees of poor depositors have been siphoned off by Dr.Morepan Laboratories, Solan in connivance with Company Law Board;
(b) if not, whether the decision of Company Law Board is not being implemented by not paying depositors even after maturity; and
(c) the action being taken by the Ministry to enable depositors in getting back their fixed deposits?
MINISTER OF COMPANY AFFAIRS (SHRI PREM CHAND GUPTA)
(a) & (b): The Company had defaulted in refunding matured deposits along with interest to the depositors. The company had filed an application under Section 58-A(9) of the Companies Act, 1956 before the Company Law Board (CLB) giving a Scheme for refunding the deposits. In pursuance of this, the Company law Board vide order dated 19-8-2003 directed the Company to make repayment of deposits as per schedule approved by it. The Company has defaulted in implementation of this order of Company Law Board.
(c): Prosecution under section 58-A (10) of the Companies Act,1956 for non-compliance of the Company Law Board`s Order has been filed in the Court of Chief Judicial Magistrate at Solan ( Himachal Pradesh) by the Registrar of Companies at Jalandhar.