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July 10, 2015
1. Clarification on repayment of deposits accepted by the companies before the commencement of the Companies Act, 2013 under section 74 of the said Act MCA vide circular dated 18th June, 2015 clarified that that vide Removal of Difficulties (Second) Order [S.O. 1428(E)] dated 2nd June, 2014 and Removal of Difficulties (Fourth) Order [S.O. 146O(E)] dated 6th June, 20 14, the Company Law Board has been empowered to exercise the powers of National Company Law Tribunal under sub-section (4) of section 73 and sub-section (2) of section 74 of Companies Act, 2013, till the latter's constitution. A depositor can file an application under section 73(4) with the Company Law Board in case the company fails to repay deposits accepted by it. It was further clarified that the companies which would be deemed to have complied with the requirements of Section 74(1)(b) of the Companies Act, 2013 can repay deposits accepted prior to 1st April, 2014 in accordance with terms and conditions for which the deposits had been accepted. 2. Revised Forms CRA-2 and CRA-4 The Ministry of Corporate Affairs (“MCA”) has amended the Companies (Cost Records and Audit) Rules, 2014 and has substituted Forms CRA-2 (Form of intimation of appointment of cost auditor by the company to Central Government) and CRA-4 (Form for filing Cost Audit Report with the Central Government). This was announced vide MCA’s notification dated 12th June, 2015.  
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