Question
Under Section 45QA of the RBI Act, 1934, which authority
may direct a non-banking financial company that has failed to repay a deposit to make repayment forthwith or within a specified time?Solution
Section 45QA provides that every deposit accepted by a non-banking financial company, unless renewed, shall be repaid in accordance with the terms of the deposit. Where the company fails to repay, the Company Law Board constituted under Section 10E of the Companies Act, 1956 may, on its own motion or on a depositor's application, direct the company to make repayment forthwith or within a specified time, after giving a reasonable opportunity of being heard. The authority empowered to order repayment is the Company Law Board.
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