9911796707
TMI Blog2001 (11) TMI 912X X X X Extracts X X X X X X X X Extracts X X X X ..... e been filed by Basant Agro Tech. (1) Ltd. Akshaya Corporation, Metro Chem Industry Ltd. ION Exchange, Raunaq Financial Ltd. Rajeev Securities Sales (P.) Ltd. and Gill and Company to which the company has filed a rejoinder affidavit of Shri Sandeep Chaturvedi, Manager (Legal) of the company. 2. While the application under section 391(1) was pending an order was passed by this Court in a Creditors winding up petition filed by Gill Company on 5-11-1998 to deposit a sum of Rs. 10,00,000 by Bank Draft in 2 equal instalments. The first instalment of Rs. 50,00,000 was to be deposited within six weeks from the date of order and the second instalment was be payable within six weeks thereafter and in the event of default, the petition was directed to be advertised in accordance with Rule 24 of the Companies (Court) Rules, 1959. Aggrieved the respondent company Vidiani Engineers Ltd. filed a Special Appeal No. 1065 of 1998 which was admitted on 10-12-1998 and that while staying the deposit of Rupees Five Lacs directed by learned Single Judge the company was required to comply with deposit of first instalment of Rupees Five Lacs, with a clarification that advertisement shall remain st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other parts of the country. Exhibit B is the list of ten winding up petitions filed before this Court and Exhibit C is the list of eleven suits pending against the company in High Court at Bombay, Calcutta and Madras and D.R.T . New Delhi. The most significant of this is suit No. 581 of 1998 filed by Federal Bank Ltd. against the company in High Court at Bombay. Ext. C-1 is the list of five cases which have been settled by the company and list 4 cases which have been partly settled including company application No. 16 of 1997 filed by Basant Agro Tech India Ltd. at High Court Allahabad. Exhibit C-11 is the list of about 74 creditors who have served demand notice on the company and Exhibit C-111 is the list of creditors totalling Rs. 25,65,600 to whom third party security has been given by way of pledging the shares. Exhibit D E F are the letters issued by the Federal Bank Ltd. In October, November December, 1995 certifying that the applicant company is respectable and can be treated to be good up to a sum of Rs. 16,40,00,000. This letter is dated 16-10-1995. 4. In the scheme of compromise/arrangement, the company has defined the creditors to mean, those perso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company is also holding 80 lakh equity shares of Vidiani Agrotech Industries Ltd., acquired by the company by investing heavy sum of Rs. 8,00,00,000. The above Vidiani Agro Tech Industries Ltd. is likely to go in commercial production in ten to twelve months and Vidiani Agro Tech Industries Ltd. is expected to declare more than 20 per cent dividend in its very first year of working. 5. In the pending winding up proceedings the amount due against the company is Rs. 2,43,05,75,160 which was due in the year 1997-98 when these company petition are filed. 6. In the counter affidavits filed by Basant Agro Tech. Industries Ltd. and Akshya Corpn., it has been stated that the Federal Bank has filed a suit No. 581 of 1998 against the company on original side of the High Court at Bombay claiming a decree of Rs. 3,38,98,680 towards cash credit facility and Rs. 26,38,320 towards Bill discounting authorities. In paragraph 3 the objector stated that the statement of petitioners that there are creditors to the tune of Rs. 67,24,60,182 requires scrutiny as the list of unsecured creditors has not been supplied and that the company is merely floating proposal for settlement with a view to pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Rs. 246.51 lacs, interest on unsecured loans from various parties amount unascertained. Also interest of earlier years amounting to Rs. 271.65 lacs on bill payable and discounted has not been provided. With the result the profit of the company has been overstated by Rs. 1135,67 lacs and to that extent the liabilities of the company has been understated.". "8. Investments (Quoted, other than trade) represent 80 lakhs equity shares of Rs. 10 each amounting to 8 crores in Vidiani Agrotech Industries Ltd. Market value of the Investments, which are valued at cost, is Rs. 40,00,000 as on 31st March, 1998. In the opinion of Directors, no provision for diminution in value of Investment if considered necessary as required in Standard of Accounting for Investments (AS13) issued by the Institute of Chartered Accountants of India which has come into force from 1st April, 1995 since the diminution in value is considered temporary and investments are locked in for a period of 5 years from the commencement of commercial production in the said company." 8. This application under section 391(1) is pending since 20-11-1998. The order-sheet shows that it could not be heard on account of adj ..... X X X X Extracts X X X X X X X X Extracts X X X X
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