2017 (3) TMI 1966 - HC - Indian Laws

Direction for transmission of money - HELD THAT - It is considered just necessary and proper to direct the State Bank of India Erode Branch Tamil Nadu to transmit the entire money lying with the said State Bank of India branch to the credit of CEPL along with the interest that may have accrued thereon till date to the Canara Bank Green Park Branch New Delhi under intimation to the latter forthwith. Renotify on 21st August 2017.

Summary

In the matter before the Delhi High Court, presided over by HON'BLE MR. JUSTICE SIDDHARTH MRIDUL, the court issued an order concerning the financial transactions involving Cheran Enterprises Pvt. Ltd. (CEPL). The court directed the State Bank of India, Erode Branch, Tamil Nadu, to transfer all funds, including accrued interest, to the credit of CEPL at the Canara Bank, Green Park Branch, New Delhi. The Canara Bank is instructed to place these funds into an interest-bearing fixed deposit for an initial term of one year. This directive is contingent upon future court orders regarding the disbursement of the funds.The order was made with the consent of Mr. K.C. Palanisamy, Mr. Chandram Ratnaswamy, and Mr. Ramasamy Athappan, who are the managing and nominee directors of CEPL. Furthermore, Mr. K.C. Palanisamy, identified as respondent No. 8, is required to appear in person at the next court hearing scheduled for 21st August 2017. A copy of the order is to be sent to the State Bank of India, Erode Branch. The matter is set for further hearing on the same date.