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CLB decides on repayment plan for Modern FD holders
Our Bureau
Mumbai, Dec 29: The Company Law Board has decided the repayment scheme for fixed deposit holders of the Modern group of companies, says a press release from the Modern group.After hearing the small deposit holder and the company on various dates, says the release, the board has decided the scheme of repayments based on the group companies' projected cash flows. In accordance with the scheme, the small deposit holders up to Rs 10,000 would get their deposit repaid in two installments within 18 months of its due, says the release. It says deposit holders above Rs 10,000 will get their deposit repaid in four installments spread over three years.In November, 1997, the Modern group had submitted to the CLB and published in the press their proposed repayment scheme. According to the proposal, the deposit from Rs 5,000 to Rs 10,000 was to be repaid in three installments spread over 30 months, which has now been reduced by CLB to only 18 months thereby providing a great relief to small deposit holders.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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