Section 45Q - Chapter IIIB to override other laws, Section 45QA -
Power of Company Law Board to order repayment of deposit : RBI Act 1934
What is the meaning of Chapter IIIB to override other laws? What is
the Power of Company Law Board to order repayment of deposit?
Section 45Q and 45QA of
Reserve Bank of India Act 1934
Section 45-Q of RBI Act 1934 : "Chapter IIIB to override other
The provisions of this Chapter shall have effect
notwithstanding anything inconsistent therewith contained in any
other law for the time being in force or any instrument having
effect by virtue of any such law
Section 45-QA of RBI Act 1934 : "Power of
Company Law Board to order repayment of deposit"
(1) Every deposit accepted by a non-banking financial
company, unless renewed, shall be repaid in accordance with the
terms and conditions of such deposit.
(2) Where a non-banking financial company has failed to repay
any deposit or part thereof in accordance with the terms and
conditions of such deposit, the Company Law Board constituted
under section 10E of the Companies Act, 1956 (1 of 1956) may, if
it is satisfied, either on its own motion or on an application
of the depositor, that it is necessary so to do to safeguard the
interests of the company, the depositors or in the public
interest, direct, by order, the non-banking financial company to
make repayment of such deposit or part thereof forthwith or
within such time and subject to such conditions as may be
specified in the order :
Provided that the Company Law Board may, before making any
order under this sub-section, give a reasonable opportunity of
being heard to the non-banking financial company and the other
persons interested in the matter.