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TMI Blog2018 (5) TMI 2078X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; MS. SAROJ RAJWARE, MEMBER (T) JUDGMENT 1. The present petition is filed under Section 73(4) & Section 71(10) of the Companies Act, 2013 with the prayer that the present petition be allowed with the direction to respondents to redeem the fully paid up secured redeemable non-convertible debenture in favour of applicants/ petitioners. 2. Brief facts of the case are stated as under: I. Applicants/Petitioners in the present company application invested their money in the Respondent no.1 company working under the umbrella of M/s Prism Infracon Limited in fully paid up secured redeemable nonconvertible debenture on different dates with the date of redemption mentioned on every certificate. II. In most of the cases, the date of redempti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .PC- 000781 Rs. 35,000/- + Rs. 90,000/- + Rs. 18,000/- = Rs. 1,43,000/- LBF2-4405 PICL/PA057588 PICL/PC002149 -- 31.08.2021, 31.05.2021 & 28.03.2018 9. Manbhawati Devi PICL/F-04102 Rs. 30,000/- LBF2-4104 -- 31.05.2021 10. Jaya Pandey PICL/F-00245 PICL/F-00710 Rs. 50,000/- + Rs. 30,000/- = Rs. 80,000/- LBF2-245 LBF2-710 -- 28.02.2021 & 31.03.2021 11. Ravi Kumar Seth SIPS No.PI-02653 SIPS No.PI-07280 SIPS Code No.PICL00001640 Rs. 1,08,000/- + Rs. 75,600/- + Rs. 6,000/- = Rs. 1,89,600/- PICL/PA009515 PICL/PA013791 PICL/PC003569 -- 24.09.2017, 17.11.2017 12. Saroja Devi SIPS No.PC- 000483 SIPS No.PC- 000731 Rs. 36,000/- + Rs. 18,000/- = Rs. 54,000/- PICL/PC0021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16.02.2021 26. Neelam Gupta SIPS No.P-59058 Rs. 30,000/- PIL/PC031445 -- 15.01.2018 27. Shabnam Bano SIPS No.PI-34187 SIPS No.PC- 000689 Rs. 36,000/- + Rs. 12,000/- = Rs. 48,000/- PICL/PA057582 PICL/PC000640 -- 15.02.2019 & 31.01.2018 28. Vijay Nath Pandey SIPS No.PI-33021 Rs. 32,400/- PICL/PA042240 -- 18.01.2019 29. Jay Devi SIPS No.PC- 000129 Rs. 14,400/- PICL/PC000648 -- 31.08.2018 30. Altaf Ali Siddiqui SIPS No.PC- 000777 SIPS No.PI-34170 Rs. 18,000/- + Rs. 18,000/- = Rs. 36,000/- PICL/PC000684 PICL/PA057580 -- 21.03.2018 & 28.02.2017 31. Kailash Nath Gupta SIPS No.PC-000690 Rs. 54,000/- PICL/PC002169 -- 31.01.2018 32. Jogeshwar Mochi SIPS No.PI-09374 Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09.2017 directions were given to furnish a concrete plan by making declaration of their immovable and movable assets, market value thereof, proposed mode of payment, sale of its assets within four weeks and directors of the company were asked to surrender their passport and further restrained to leave the country without prior permission of this Tribunal. Till date, no concrete plan has been submitted by the R1 Company. Further, vide above orders, directions were issued to the CGSC to furnish its report specifically in respect of assets of the company and charges created. In compliance, thereof ROC has submitted its report. The relevant para of the ROC report is reproduced herein below: "As regards present status of non-convertible rede ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red by a first charge or a charge ranking pari passu with the first charge on any assets referred to in Schedule III of the Act excluding intangible assets of the company or bonds or debentures compulsorily convertible into shares of the company within ten years: (a) any amount raised by issue of non-convertible debentures nonconstituting a charge on the assets of the company and listed on a recognized stock-exchange as per applicable regulation made by SEBI. (xii) any amount received in the course of, or for the purposes of, the business of the company,- (a) as an advance for the supply of goods or provision of services accounted for in any manner whatsoever provided that such advance is appropriated against supply of goods or provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1(10) Where a company fails to redeem the debentures on the date of their maturity or fails to pay interest on the debentures when it is due, the Tribunal may, on the application of any or all of the debenture-holders, or debenture trustee and, after hearing the parties concerned, direct, by order, the company to redeem the debentures forthwith upon payment of principal and interest due thereon. 73(4) Where a company fails to repay the deposit or part thereof or any interest thereon under sub-section (3), the depositor concerned may apply to the Tribunal for an order directing the company to pay the sum due or for any loss or damage incurred by him as a result of such non-payment and for such other orders as the Tribunal may deem fit. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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