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2021 (10) TMI 994 - Tri - Companies LawSeeking modification of the order of CLG - CLB directed the company appointment of two Government Directors/Government Nominee Directors - failure of the company in repaying the public deposits - Section 408 read with Section 397/398 of the Companies Act, 1956 - HELD THAT:- As rightly pointed out by the learned counsel appearing for the Union of India as against the claims of ₹ 156 Crores from the fixed deposit holders, even according to the company it has paid only a little more than ₹ 18 Crores and it cannot be said that either the original fixed deposit holders or any of the legal heirs or successors keep quiet without claiming their fixed deposits irrespective of issuance of any advertisements for this purpose. No valid reasons are shown. No details of the fixed deposit holders who have not claimed their deposits back are given. Nothing forthcoming even with regard to the payment or otherwise of the interest on the fixed deposits said to have been repaid. Even with regard to the submission made by the learned senior counsel appearing for the applicant company with regard to conversion of some of the fixed deposits into shares and trading thereof, as the applicant failed to furnish the details of the fixed deposit receipts which were converted into equity shares and those equity shareholders who approached the company for refund of the fixed deposits and those equity shareholders who have not approached the company for refund of their original fixed deposits is unacceptable. There are no merits in the present application - application dismissed.
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