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2021 (3) TMI 618 - Tri - Companies LawDemand of Return of deposits with interest - allegation is that neither interest is paid to the depositors nor returned the deposits and that the entire money collected by way of deposits have been siphoned off - HELD THAT:- It appears from the record that this Company Petition is filed under Section 237 read with Section 247 of the Companies Act 1956, by the Petitioners to declare the affairs of the Respondent Company ought to be investigated by an inspector appointed by the Central Government. The Learned counsel appearing for the petitioners submitted that the depositors deposited huge sum of money with Kakkazham -Neerkunnam Union of SNDP Yogam. The Kakkazham -Neerkunnam Union of SNDP Yogam neither repaid the interest nor returned the deposit to the depositors. Aggrieved by the act of the Yogam the Petitioner filed this Petition before the High Court of Kerala. The entire money collected by way of deposits have been siphoned off. The depositors approached before Sub Court and Munsiff Court, Alappuzha for recovery of money and they have obtained money decrees against the SNDP Sakha Yogam Branch No.363. The total amount due under the decrees come to ₹ 5,56,81,066/. The 131 decree holders formed an organisation named as ‘Nikshepaka Samrakshana Samithy’ and obtained registration as A 391. The samithy authorised with Power of Attorney to Sri. Unnikrishnan Nair, for the purpose of realising the decree amount from the SNDP authorities. The assets of the “Shaka” will have to be first liquidated in a purposeful manner so as to obtain maximum resource to facilitate settlement of the various creditors, which effort will also have to be fortified by effective steps to recover money from its debtors. The affairs of the Respondent Company ought to be investigated by an Inspector appointed by the Central Government. Petition disposed off.
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