TMI Blog2021 (3) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... the Petitioner filed this Petition before the High Court of Kerala. The entire money collected by way of deposits have been siphoned off. The depositors approached before Sub Court and Munsiff Court, Alappuzha for recovery of money and they have obtained money decrees against the SNDP Sakha Yogam Branch No.363. The total amount due under the decrees come to ₹ 5,56,81,066/. The 131 decree holders formed an organisation named as Nikshepaka Samrakshana Samithy and obtained registration as A 391. The samithy authorised with Power of Attorney to Sri. Unnikrishnan Nair, for the purpose of realising the decree amount from the SNDP authorities. The assets of the Shaka will have to be first liquidated in a purposeful manner so as to obtain maximum resource to facilitate settlement of the various creditors, which effort will also have to be fortified by effective steps to recover money from its debtors. The affairs of the Respondent Company ought to be investigated by an Inspector appointed by the Central Government. Petition disposed off. - TCP No. 89/KOB/2019 - - - Dated:- 5-3-2021 - Hon ble Shri Ashok Kumar Borah , Member ( Judicial ) For the Petitioners : Smt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. All the Petitioners and other depositors have deposited huge amounts varying from ₹ 1,00,000/- to ₹ 3,50,000/-. Neither interest is paid to the depositors nor returned the deposits and that the entire money collected by way of deposits have been siphoned off. It is also stated that the 6th Respondent is responsible for the functions of the branches. Apart from the fact that the transactions made by, each and every branch were with the full knowledge and consent of the Respondent. The membership of Director Board of the Yogam is based on the number of branches. The Yogam shall have the power to take over assets of branches, and the Board of Directors have the authority to convene General Body of any branch in case of any irregularity in its functioning. Apart from the same and that the Yogam has the powers to frame Rules regarding the management of institutions under all branches. Both the President and General Secretary of the Yogam have the powers of inspection of any office of Sakha, as per clauses 37,39(5), Clause 39(7) and (9) and powers the General Secretary of the Yogam not only to exercise control over accounts of Sakha, but also to stop the functioning of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10. It is also stated that most of the depositors approached before Sub Court and Munsiff Court, Alappuzha for recovery of money and they have obtained money decrees against the SNDP Sakha Yogam Branch No.363. The total amount due under the decrees comes to ₹ 5,56,81,066/. 131 decree holders formed an organisation named as Nikshepaka Samrakshana Samithy and obtained registration no.as A391. The samithy authorised them with Power of Attorney to Sri. Unnikrishnan Nair, age 73, S/o Appukuttan Nair, Kizhamana House, Punnapra P.O for the purpose of realising the decree amount from the SNDP authorities. Thereafter the court attached the land of 66.25 cents in survey No. 39/2 (Resurvey No. 162/8 and 162/16) including the Auditorium and 22.60 cents of land in Survey No. 39/3, 39/4B, 39/4B1, 39/4B2(Resurvey No. 162/13, 162/6, 162/5) of the above S.N.D.P branch situated in Ambalapuzha North Village, Ambalapuzha Taluk. 11. Meanwhile, the Hon ble High Court permitted the above said Unnikrishnan Nair to implead as the Respondent No.11 in Company Petition No. 33/2007 as per order in CA/403/2010 dated 06.07.2010. The Hon ble High Court Kerala passed order in C.P No. 33/2007, dated 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 23.11.2007, directed to transfer the records of the Company to Inspector General of Registration. Accordingly, all the records of the Company have been transferred to the Inspector General of Registration, Government of Kerala, Vanchiyoor, Thiruvananthapuram. Therefore, since the transfer of the entire records to the Inspector General of Registration on 16.01.2009, no returns has been filed before the Registrar of Companies. 15. It is further stated that in C.P. 40/08 Tribunal found that the C.P. is not maintainable as per Section 443(2) of the Companies Act, 1956 as other alternate and efficacious remedy is available. While passing the above Orders, this Tribunal had taken note of the report of the Registrar of Companies in respect of the status of the subject company that it was deemed to be incorporated under Kerala Non-Trading Companies Act, 1961 and all the records pertaining to the company are at present under the custody of Inspector General of Registration, Trivandrum and that no return has been filed with the Office of Registrar of Companies subsequent to transfer of records of the company to Inspector General of Registration, and that there is no change in the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 6th Respondent. The shakas is not authorized by 6th Respondent to receive deposit from petitioners. The assets of the 6th Respondent is held in its own name. The assets of shaka yogam are acquired in the name of President of the Shaka as its separate property. 21. As per Article 56 of the Articles of Association assets of the SNDP Yogam do not include the assets of shaka yogam. Sub Rule 5 of Article 12 of Articles of Association of 6th Respondents states that assets of shaka yogam does not belong to the yogam. The shakas are not authorized to receive deposits or loan on paying interest on behalf of the yogam. 22. The further contention is that the 6th Respondent is not a necessary party or not even a proper party to be included in the Company Petition. In the above facts and circumstances of the case petitioners have no cause of action against the 6th Respondent no privity of contract of any nature with the 6th Respondent. Hence the 6th Respondent is to be deleted from the party array. The Central Government have no authority to appoint Inspectors to investigate the affairs of 6th Respondent. 23. The specific case of the petitioner is that SNDP shaka No.363 formed a tru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arers nor the managing committee could have accepted the deposits from the members. Therefore, taking deposits from the petitioners was certainly beyond the scope of the authority of office bearers of SNDP Shaka or forming a trust. FINDINGS 27. The arguments advanced by Learned Counsel for both the parties have been heard through video conferencing and perused all the pleadings as well as oral and written submissions of the respective parties. On 06.02.2020, Respondent No.7 was set ex parte and IA/30/KOB/2020 was filed to implead Adv./Shri A.S.P Kurup as Official Receiver/ Respondent No.8 in the Company Petition. 28. It appears from the record that this Company Petition is filed under Section 237 read with Section 247 of the Companies Act 1956, by the Petitioners to declare the affairs of the Respondent Company ought to be investigated by an inspector appointed by the Central Government. The Learned counsel appearing for the petitioners submitted that the depositors deposited huge sum of money with Kakkazham -Neerkunnam Union of SNDP Yogam. The Kakkazham -Neerkunnam Union of SNDP Yogam neither repaid the interest nor returned the deposit to the depositors. Aggrieved by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of properties. 31. On going through the aforesaid order this Tribunal finds that the Hon ble High Court of Kerala vide its order dated 06.10.2017 stated that the assets of the Shaka will have to be first liquidated in a purposeful manner so as to obtain maximum resource to facilitate settlement of the various creditors, which effort will also have to be fortified by effective steps to recover money from its debtors. 32. The learned counsel for the Petitioner during arguments submitted that when the sale is effected, the Petitioners will also be benefited. Therefore, I am of the view, the petitioners herein are bound by the aforesaid order of the Hon ble High Court of Kerala, filed under Section 237 read with Section 247 of the Companies Act 1956, against the Respondents who are Respondents here, to declare the affairs of the Respondent Company ought to be investigated by an Inspector appointed by the Central Government. Therefore, this Tribunal also felt that no further Order of this Tribunal is required and that the Receiver Sri. A.S.P Kurup, who has been appointed by the Hon ble High Court of Kerala shall take steps as directed by the Hon ble High Court of Kerala to liqui ..... X X X X Extracts X X X X X X X X Extracts X X X X
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