74. Repayment of deposits, etc., accepted before commencement of this Act.
(1) Where in respect of any deposit accepted by a company before the
commencement of this Act, the amount of such deposit or part thereof or any interest due
thereon remains unpaid on such commencement or becomes due at any time thereafter, the
company shall—
(a) file, within a period of three months from such commencement or from the
date on which such payments, are due, with the Registrar a statement of all the deposits
accepted by the company and sums remaining unpaid on such amount with the interest
payable thereon along with the arrangements made for such repayment, notwithstanding
anything contained in any other law for the time being in force or under the terms and
conditions subject to which the deposit was accepted or any scheme framed under
any law; and
(b) repay within one year from such commencement or from the date on which
such payments are due, whichever is earlier.
(2) The Tribunal may on an application made by the company, after considering the
financial condition of the company, the amount of deposit or part thereof and the interest
payable thereon and such other matters, allow further time as considered reasonable to the
company to repay the deposit.
(3) If a company fails to repay the deposit or part thereof or any interest thereon within
the time specified in sub-section (1) or such further time as may be allowed by the Tribunal
under sub-section (2), the company shall, in addition to the payment of the amount of
deposit or part thereof and the interest due, be punishable with fine which shall not be less
than one crore rupees but which may extend to ten crore rupees and every officer of the
company who is in default shall be punishable with imprisonment which may extend to seven
years or with fine which shall not be less than twenty-five lakh rupees but which may extend
to two crore rupees, or with both.