Unitech — Unitech FD Rescheduling

Address:

Thiruvananthapuram, Kerala

Dear Readers n Victims, Unitech group have sought following four reliefs from Honorable Bench Officer of Company Law Board. 1. Reduction in penal rate of 18% prescribed under the Companies Act, 2013 to contracted rate of interest 12.5% maximum. 2. Extension of period up to 42 months from the date of maturity of deposit. 3. Where deposit amount is more than Rs. 25, 000/ rescheduling of payment is sought to be paid in installments and interest is sought to be paid along with last installment. 4. Exemption of maintaining liquid assets under Rule 13 of the Companies (Acceptance of Deposits) Rule 2014. All victims may submit objections as under: 1 The Companies Act, 2013 and Chapter V – Acceptance of Deposits Rules, 2014 were notified with effect from April 01, 2014 which stipulate compulsory penal rate of interest of 18%. In my opinion under section 74 (2) of the Companies Act, 2013 does permit reduction in penal rate of interest, where only rescheduling is permissible. Accordingly Honorable Bench Officer of Company Law Board, would not accede to your request to reduce rate of penal of 18%. 2 36 months period is maximum for which deposit is allowed. Here also Honorable Bench Officer of Company Law Board, would not permit your company extension of 42 months from the date of maturity of deposits. 3 Where deposit amount is more than Rs. 25, 000/ rescheduling of payment is sought to be paid in installments and interest is sought to be paid along with last installment. Here interest on installment should be paid along with installment when it will be paid. Not entire interest be allowed to be paid along with final installment. 4 Exemption of maintaining liquid assets under Rule 13 of the Companies (Acceptance of Deposits) Rule 2014 should not be permitted for deposits which are due and not paid by the company. The objections can be sent to Company law board, ROC and M/s Unitech in written preferably or by email at following addresses at the earliest : bo.nd.[protected]@nic.in, bopb1.[protected]@nic.in, us.[protected]@nic.in, bopb2.[protected]@nic.in, secy.[protected]@nic.in, ajay.[protected]@unitechgroup.com, [protected]@unitechgroup.com, [protected]@unitechgroup.com, gautam.[protected]@unitechgroup.com, neha.[protected]@unitechgroup.com roc.[protected]@mca.gov.in, [protected]@unitechgroup.com, share.[protected]@unitechgroup.com, sumit.[protected]@unitechgroup.com, pradeep.[protected]@unitechgroup.com Regards M K Singh