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2019 (6) TMI 524 - AT - Companies LawFailure to make repayment of deposit with interest u/s 74(3) - registration of original Applicant – Lal Chand Singhal as a client/constituent member of the Company - HELD THAT:- In view of the fact that the original Applicant – Lal Chand Singhal has compromised with the Appellants and has received his dues and has no more grievances against the Appellants, we intend to quash the Impugned Order. As the original Applicant has compromised with the Appellants, any action purely on the basis of the grievances of the Respondent – original Applicant – Lal Chand Singhal of failure to pay deposit, should not survive - However, if after the Impugned Order was passed, if the ROC has collected any other material against the Appellants, relating to any other similar failure to repay deposits or any other failures on the part of the Appellants under the Companies Act, we do not intend to protect the Appellants from action on the basis of any such other material. As the Appellants have compromised the matter with the Respondent – original Applicant relating to his grievances under Section 73(4) of the Companies Act, 2013 and now the Respondent – original Applicant has been repaid his deposits with interest, we give liberty to the Appellants to request the District Sessions Court, Dwarka or to move any other authority before which any enquiry or action is pending for suitable relief, if, in case the same is purely founded on the basic grievance of Respondent – Applicant that the Company had failed to repay his deposit. Appeal disposed off.
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