9911796707
TMI Blog2001 (9) TMI 1048X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 45MC of the Reserve Bank of India Act, 1934 ( RBI Act ), read with section 450 of the Companies Act, 1956, for winding up of the respondent-company. According to the petitioner-bank, the respondent is a non-banking financial company within the meaning of section 45-I( f ) of the RBI Act. The case of the petitioner-bank is that the respondent-company submitted an application in July, 1997, for issuance of a certificate of registration under the provisions of section 45-IA of the RBI Act. To consider this application an inspection was carried out regarding the financial health of the company on 31-3-1997. This inspection was conducted by P.L. Mittal Co., Chartered Accountants. On inspection, it was found that the net-owned fund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing upon it to show cause as to why its application for certificate of registration may not be rejected (annexure VI). The respondent-company did not offer any explanation to the show-cause notice. However, vide letter dated 26-10-1999, it requested the petitioner-bank to give time up to 15-12-1999 (annexure VII). 3. According to the petitioner-bank, taking into consideration the relevant facts, the affairs of the company and failure of the company to comply with the statutory provisions of the RBI Act and directions issued by the petitioner-bank vide its orders dated 7-1-2000, rejected the application of the respondent-company for issuance of certificate of registration under section 45-IA. The company was disqualified under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oned at the instance of a few depositors in execution of the award(s) passed in their favour by District Consumer Redressal Forum then it will result in grave injustice to the majority of the depositors who have not been able to approach the Consumer Forum inasmuch as they would never be able to get repayment of their deposits. Execution of those awards, it is contended, would be detrimental to the interest of class of depositors as a whole, particularly the poorer and the less informed depositors who could not afford or otherwise were disabled to approach the Forums. Mr. Sharma, the learned counsel for the petitioner-bank submits that it is necessary in the larger public interest that a provisional liquidator without notice to the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the depositors of the respondent-company and also for the reasons that the assets of the respondent-company are not transferred, alienated or otherwise dealt with save and except in the interest of the depositors. 10. I, accordingly allow this application and appoint the official liquidator, attached to this court, with all such powers as provisional liquidator of the respondent-company with a direction to immediately take charge of the company s property, assets, books of account and other relevant papers and documents. The application is disposed of. Company Application No. 10 of 2001 : 11. In view of the order passed in Company Application No. 29 of 2001, this application does not survive and the same is accordingly dispose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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