COURT-OFFICER 2 LAST

The case emanated from complaints received by Registrar of The case emanated from complaints received by Registrar ofCompanies in the Ministry of Corporate Affairs from investorswho had alleged that Elder Pharmaceuticals had collected overRs 175 crore from over 24,000 investors under Companies’Acceptance of Deposits Rule, CBI has said. The company had allegedly lured them offering attractiverates of interest ranging from 9.5 per cent to 11.5 per centon deposits ranging from a 12-36 month period. Over 1000 suchcomplaints were made to RoC, they said. The ministry had instituted an inspection by RegionalDirector (West) Mumbai which claimed the company had allegedlynot kept 15 per cent of deposits in liquid form, accepted Rs138 crore from other companies which was akin to acceptingdeposits among other acts which were against the law, it hassaid. PTI UKSC

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