Lok Sabha
Unstarred Question No. 590
To be Answered on Monday
28th February, 2000/Phalguna 9, 1921(Saka)
Defaulting Non-Banking Financial
Companies
Question
590. Shri Kirit Somaiya
Shri Ravindra Kumar Pandey
Will the Minister of Law Justice and company
affairs be pleased to state :
-
Whether the Government have any
plan to speed up the machinery to solve the problems
of small investors in Non-Banking Financial Companies;
-
If so, the details thereof ;
-
The number of cases pending with
the Department of Company Affairs against the defaulting
Non-Banking Financial Companies throughout the country
alongwith the names of such companies, State-wise;
-
Whether many of these Non-Banking
Financial Companies are not traceable and have vanished;
-
If so, the steps taken by the Government
to trace them;
-
The total amount of deposits collected
by each of these defaulting Non-Banking Financial
Companies;
-
The time by which the outstanding
amount of the investors is likely to be repaid by
these defaulting Non-Banking Companies;
-
Whether all the defaulting Non-Banking
Financial Companies are promptly honouring the rescheduled
repayment of deposits as has been ordered by the
Company Law Board; and
-
if not, the further steps suggested
in this direction ?
Answer
The minister of Law, Justice (Shri
Ram Jethmalani) & Company Affairs:
-
The affairs of the Non-banking
Financial Companies (NBFCs) are regulated by the
Reserved Bank of India. The Company Law Board has
been given powers to pass order, under Section 45QA
of the Reserve Bank of India Act, where there is
default by NBFCs in repayment of deposits. In case
non-compliance of Company Law Board order, the RBI
has been authorised to take penal action against
NBFCs under section 58E of the RBI Act.
The information about measures regarding
NBFCs, deposits collected by them and cases pending
against them is being collected and will be laid
on the Table of the House.
