9911796707
TMI Blog2006 (7) TMI 329X X X X Extracts X X X X X X X X Extracts X X X X ..... Sowbhagya Nidhi Ltd., is before us challenging the order of the Company Law Board, Southern Region Bench at Chennai, passed in C.A. No. MSN.1-36/45QA/SRB/2002 and C.A. No. MSN.1-5/45QA/SRB/2003, dated June 16, 2003. 2. The facts in brief are as under : The appellant is a company incorporated under the provisions of the Companies Act. It is carrying on the business of a non-banking financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of arrangement before this court pursuant to Company Application No. 712 of 2002. Proceedings were held and thereafter the appellant filed a Company Petition No. 193 of 2002 seeking sanction of the scheme of arrangement so as to be binding on all the shareholders, debenture holders and depositors of the appellant. The petition was admitted and notice was issued. Paper publication was taken. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s have been filed under section 45QA(2) of the Reserve Bank of India Act seeking for refund of the amount. The matter was heard. After hearing, the Company Law Board has chosen to pass an order ordering repayment of the deposit with a time schedule in terms of the impugned order. The Company Law Board however has noticed that in the meanwhile and in the event of the scheme being approved by the Hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. The facts in this case are same/similar. When the appellant has chosen to point out the pending section 391 application in this Court, the Company Law Board ought not to have granted any relief and on the other hand, it should have disposed of the same by ordering to await the order under section 391 in terms of the judgment of the Kerala High Court. The finding by way of repayment during the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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