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Penalty for not repaying deposits

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 February 2015 Dear all,

As per the Companies Act, 2013, companies are required to repay the deposits outstanding in their books within specified time.

If such repayment is not done within time limit, what is the penalty for non-compliance?

I got to know that the penalty has been revised and shall be charged with regards to the size of the companies (viz. small, medium and large).

Is that true? If yes, please let me know the revised penalty.
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c.bakshi

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c.bakshi (Expert)
18 February 2015 penalty is in Crores minimum 1 crore and can increase to 10 crore and interest@18% p.a. from the date of default
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