Copy of action taken by MCA is endorsed to complainant, on the basis of which he/she can approach the concerned field office for status of his/her complaint.
In case the company fails to pay back the investors investment, only prosecutions can be filed against the company under the provisions of the Companies Act, 2013/1956.
On receiving information about the alleged illegal activities of companies which is in violation of provisions of companies Act, after a preliminary study of the case if so warranted inspections and investigations are carried out. Thereafter, depending on the merit of the case, prosecution are filed before various Courts/Authorities and appropriate action is taken by the Govt on the orders of Court/Authorities.
In case the company fails to pay back the investors investment, only prosecutions can be filed against the company under the provisions of the Companies Act, 2013/1956. However, filing prosecutions cannot guarantee redressal of grievances as repayment of FD depends on various factors such as financial status of delinquent company. However, this Ministry has set up a Investors Education & Protection fund for educating and creating awareness in the investors and advise them to invest wisely.
30 days as per citizen charter and 60 days for grievance received through CPGRAMS. However, it is observed that field offices with whom MCA takes up the grievances, generally take action on grievances/complaints within 6-7 days time by taking up the matter further with the Companies but final disposal is pending for disposal for more than 60 days due to want of replies from the Companies or confirmation from the complainant or where the matter is sub-judice.