TMI Blog2015 (6) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany failed to clear the cases of matured fixed deposits and has not made any serious efforts in clearing the deposits already matured long before, leave of the other prematured deposits lying with the company against which several complaints come to the applicant company and various Government Authorities, it could be evident from the application that the company is not likely to dear the dues as mandated by the statute, it is understandable that company is genuinely making efforts to clear the dues, if it had cleared the FOs already matured. On the contrary, the company has come with its projections linking payments to the depositors to its projections so as to say it will require time more than that company mentioned in the agreements e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies (Acceptance of Deposit] Rules, 2014. On 31,3.2014, the Applicant Company has outstanding dues of Rs,241,123 crores towards principal and interest outstanding to Bank and Financial Institutions, as mentioned In note 47 to the Financial Statements- The Applicant Company is a going concern and has all intentions to profitably and effectively run the Applicant Company and to pay to its depositors. It further submits that it had been repaying principal sum along with agreed rate of interest regularly without delay since May, 2009. The company accepted the deposits as per the then applicable provisions of law payable during the period of up to 3 years. Accordingly, the company deployed the funds in the development of its projects, etc. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at he deposited ₹ 2,50,000/-[ as' FDR) in the company that was already matured on 5.2.2014. He further submits that his wife has become sick and hospitalized in Shree Ganga Ram Hospital, He says that on 13.2.2014 he made a request to release his FD afready matured and thereafter through emails letters and personal visits, despite his persistent follow up over phone and through emails, till date, the company has not made any payment to him, though his FD was matured on 5.2.2014. There are 5-6 persons along with him namely,(i) Shri Subhash Grower aged 67 years, (ii) Shri Brij Mohan aged 55 years,(iii) Shri Bhagwat Khasash, aged 74 years and (iv) Shri Prem Chand Chacha, aged B0 years complaining that they have also not been paid desp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts coming from various depositors complaining that this company has not even cleared the deposits already matured, which the company ought to repay to the depositors as agreed by the company, therefore, I hereby hold that the company failed to clear the cases of matured fixed deposits and has not made any serious efforts in clearing the deposits already matured long before, leave of the other prematured deposits lying with the company against which several complaints come to the applicant company and various Government Authorities, it could be evident from the application that the company is not likely to dear the dues as mandated by the statute, it is understandable that company is genuinely making efforts to clear the dues, if it had cle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made in complying with this order in clearing the matured deposits till date as per the terms and contract between the depositors. 10. To monitor this process, Secretary CLB, Bench Officers Shri Vikram Singh and Shri Prem Chand, and one representative approved by the company are hereby made Hardship Committee, headed by Secretary CLB, to sit once in every 15 days, to ascertain the progress of the company in making repayments to the depositors and place report before this Bench. The company is directed to attend to Hardship Committee meeting on 22.5.2015. For there being number of complaints against the company, Hardship Committee shall ascertain as to how many complaints have come to CL8 and other Government Authorities and also to asce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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