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2000 (12) TMI 839 - SC - Companies LawAs regards 13 per cent bonds whether the register should be rectified to enter the name of "Canara Bank-Trustee Canbank Mutual Fund" in place of Canara Bank? Whether NTPC should be directed to pay to Canara Bank the redemption amount in respect of these bonds? As regards the 14 per cent bonds whether NTPC should be directed to rectify the register by entering the name of "Canara Bank - Trustee Canbank Mutual Fund" in place of Bank of Karad and whether it should be directed to pay the redemption amount to Canara Bank? Held that:- Appeal allowed. The High Court was not right in referring the alleged disputes to the High-Powered Committee. It was under an obligation to give a finding with regard to the directions given by the Board to pay the redemption amount to the appellants. The trustees of the trust constituted by the Canara Bank as settlor for the benefit of numerous unitholders cannot be termed and styled as Government company or public sector undertaking. The dispute raised by the respondents with the appellants was imaginary and even prima facie not real. We are further of the opinion that the Board in its order had dealt with all aspects of the matter and rightly concluded that ONGC’s case (1994 (1) TMI 88 - SUPREME COURT OF INDIA) judgment was not applicable in the facts and circumstances of the present case.
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