9911796707
TMI Blog2013 (9) TMI 1224X X X X Extracts X X X X X X X X Extracts X X X X ..... d to ₹ 23.43 crores, as on 31.03.2013. Presently, the Petitioner Company is engaged in the business of manufacture of drugs and formulations at its six manufacturing units. During the year ending 31th March 2013, the sales turnover of the Petitioner Company stood at ₹ 399.46 crores. 2. The Petitioner Advocate has submitted that the Applicant Company, has not only been extremely regular, punctual and sincere in deposit payments of Income Tax, Excise Duty, Sales Tax and other Government dues, suppliers dues, workers dues but also in the repayment of fixed deposits and interest accrued thereon. Being public limited company, the Applicant Company has accepted deposits from the public since the year 2002 and the Applicant Company had regularly and punctually paid back the fixed deposits up to 28th February 2013. However, as stated by the Petitioner Advocate in the Company Petition, during the financial year ending 31st March 2013, the Applicant Company started facing liquidity problems and incurred losses to the extent of ₹ 111.29 crores during the year ending 31st March 2013. Primarily, the reasons for the current liquidity problems have been stated as under :- (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or payment as on 31st May 2013. However, the fixed deposits to the value of ₹ 44.99 crores are yet to be matured. As the cheques issued by the Applicant Company towards repayment of deposits to their depositors have been dishonoured, the default has been occurred. Further, it has been submitted that most of these depositors are the small depositors, and hence, attract provisions of Section 58 AA of the Companies Act, 1956. The summary details of the fixed deposit holders is as under - CATEGORY RS NO OF HOLDERS AMOUNTS RS % OF TOTAL FD HOLDERS UPTO 10000 660 6600000 1.32 10001-20000 1276 22985781 4.61 20001-50000 4291 150946398 30.29 50001-100000 916 83750600 16.81 10000 & Above 774 234063000 46.97 TOTAL 7917 498345779 100.00 5. The Applicant Company has proposed the following scheme of repayment for consideration of this Hon'ble Board : (a) The fixed deposits up to the amount of ₹ 10,000/- shall be paid fully within one year of the date of the maturity. (b) A moratorium of two years from the date of the maturity in case of all FD cases above the sum of ₹ 10,000/-. (c) The repayment for FD above the sum of ₹ 10,000/- s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been dishonoured and hence, the default has taken place. The Company has filed its Balance Sheet as on 31.03.2012 and the Annual Return made up to 29th September 2012. Apart from this, the Applicant Company has also filed its Return of Deposits with the ROC for the year ending 31.03.2013. Precisely, ROC has furnished the following comments : a. The payment schedule of small deposit holders has been divided into seven years which is too long, it should not be more than 3 years. b. The payment of FDR holders up to ₹ 20,000/- should be made within two years. c. The Company should also give undertaking to make the payment to the Senior Citizens and to the deposit holders, who need money for their treatment on medical ground, on top priority without further order of the Hon'ble Company Law Board. Shri Amal Khanna and Shri O.P. Chadha, Fixed Deposit Holders and Advocate for oblectors raised objections mentioning therein the increase in unsecured loans, non payment of undisputed income tax liabilities, increase in Directors remunerations and also in indirect expenses, loans and advances given to related parties, fire in associated Company etc. ln addition, it has been all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sness of the management of the applicant company towards repayment of fixed deposits. Further, it has been stated that there is serious glut in pharmaceutical companies in North Indian are reeling under severe recession and most of the companies have been closed most of the companies have closed/suspended their manufacturing operations since long. As against this, manufacturing operations of the applicant company are in full swing and is performing their all obligations and payment of statutory dues. 10. Having considered the averments made in the Company Petition' scheme of repayment, objections raised by Fixed Deposit Holders and suggestions made by the Advocate / Fixed Deposit Holders and arguments of the Petitioner Advocate, it is clear that the Petitioner Company has accepted fixed deposits from the public and the outstanding liability as on31.05.2013 amounted to ₹ 49.83crores. In addition, the fixed deposits to the tune of ₹ 44.99 crores will also accrue over the period of one year. As explained in the Company Petition, the Petitioner Company has incurred losses of ₹ 111.29 crores during the year ending 31.03.2013 and hence, the cash inflow in the Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year, 25% in the fourth year and the remaining 10% in the next six months of the fifth year. The interest for both pre and post maturity period will be paid along with the last instalment. (vi) With regard to deposits of ₹ 50,001/-to ₹ 1,00,000/- payment shall be made within 5 years from the date of maturity of deposits by 15% in the first year, 15% in the second year, 20% in the third year, 30% in the fourth year and the remaining 20% in the fifth year. The interest for both pre and post maturity period will be paid along with the last instalment. (vii) Regarding fixed deposits of ₹ 1,00,001/- and above, payment shall be made within five years from the date of maturity of deposits, at 10% in the first year, 15% in the second year, 20% in the third year, 25% in the fourth year and the remaining 30% in the fifth year. The interest for both pre and post maturity period will be paid along with the last instalment (viii) In regard to the hardship cases like serious illness, senior citizen above 65 years of age, widows/widowers marriage and higher education of dependent children etc. payment shall be made on priority basis to the extent of ₹ 15 lakhs per quar ..... 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