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2016 (11) TMI 1165 - Tri - Companies LawEnhancement of time for repayment u/s 74 - rights of the applicants to seek recovery of their dues - Held that:- Seeing the sentiments of the agitated depositors, and with a view to secure whatever asset could be salvaged, this Bench has accepted the Undertaking of the respondents that the six parcels of land in Kochi, Hyderabad, Chennai and Maharashtra offered in the present proceedings would be sold, and the proceeds would be deposited in IDBI Bank, A/c No. 0110102000026309 maintained with IDBI Bank Limited at E-29, PVR Road, Saket, New Delhi-110017 and shall be used only to liquidate the liability towards the present applicants. This would be without prejudice to the rights of the applicants to seek recovery of their dues from any other tangible assets of the R1 Company or take recourse to any other remedy available under law. It is being made abundantly clear that the Undertaking given by the respondents to liquidate the assets would in no way be their defence in the prosecution initiated under section 74(3) of the Companies Act, 2013 or in any other Court of law. As observed earlier during the proceedings, that though the parcels of land offered are mere sops which are either of little value or are unsaleable, but have been taken to secure and salvage the depositors' interest at least to that extent. The agitated depositors also apprehend that the directors of R1 Company may escape the boundaries of the country and they may have little to realise their hard earned money. The office of the ROC may take appropriate steps. Though tardy, prosecution under section 74 (3) of the is stated to have started. Respondents have submitted, as directed, the photocopies of their passports. In addition, they have filed their Affidavits giving their individual assets and the statements of their JVs, Subsidiaries and Associates. It was observed in some financial statements on record that some of the alleged loans to the subsidiaries etc. had been written off. It would be beyond the scope of this Bench to look into this aspect. The documents submitted shall be handed over to the RoC to investigate the allegations of siphoning off or diverting money on account of which the applicants are unable to retrieve their deposits. All documents be handed over by the Bench Officer to the office of the RoC under acknowledgement of Receipt.
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