9911796707
TMI Blog2021 (6) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... CIAL MEMBER). - 1. The instant application has been filed under section 73(4) of the Companies Act, 2013 and section 45QA(2) of the Reserve Bank of India Act, 1945 read with rule 65 of the National Company Law Tribunal Rules, 2016 by Ms. S. Hemalatha d/o. Shanmuganathan, seeking a direction as follows : (a) To direct the respondent-company to pay back the fixed deposit amounts matured on August 22, 2018 and August 24, 2018 in the name of the applicant together with interest at 11 per cent. from the date of maturity till the date of repayment, in accordance with the terms and conditions of the deposit. (b) To pay the costs of this application. (c) And such order relief as may be deemed fit to the circumstances, and thus render justice. 2. Brief averments of the application are the respondent herein is a public limited company, which was incorporated on March 15, 1996 vide CIN : U65991TN1996PLC034825 having its registered office at Fawaas Complex, 99/A-10, Thalayari Street, Pattukottai, Thanjavur-614 601. The authorised capital is ₹ 60,00,000 and paid-up capital is ₹ 24,88,130. 3. Pursuant to call by the respondent-company, the applicant deposited the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sits from 11 different depositors in August, 2016 and a sum of ₹ 55,000 was deposited in the individual name and 18 deposit certificates were issued for a total sum of ₹ 9,90,000. 6. It is further submitted that these deposits from 11 depositors were initially made on August 22, 2016 for a period of 12 months and the interest was payable on the date of maturity. The deposits were renewed on the maturity date, i. e., August 22, 2017 along with accrued interest for a further period of 12 months in the name of the original depositors. 7. It is also further submitted that the applicant's father produced letters from the 11 depositors stating that they had no objection for including the name of his daughter, i. e., the applicant herein Ms. S. Hemalatha as E or S holder. Mr. T. Shanmuganathan in connivance of his relatives who were employed in the company in senior managerial positions, instructed the staff in his capacity as director of the respondent-company to issue the fixed deposit receipts in the name of his daughter Ms. S. Hemalatha, the applicant herein as the first deposit holder and the original depositor as E/ S holder in contravention of the standard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... names along with the names of his family members. Investigation is underway by SHO, Thanjavur Medical College Police Station, Thanjavur. Mr. T. Shanmuganathan and his family members currently hold 448 deposits (P95 to P107) amounting to ₹ 2,48,05,230 which were originally deposited in the names of third parties and converted to E or S deposits following the same pattern as in the case of 11 deposit holders in the current application filed before the National Company Law Tribunal. 11. The respondent had filed a complaint on September 28, 2020 with the Assistant Commissioner of Income-tax to investigate the title to the 448 deposits as the transactions by Mr. T. Shanmuganathan are covered under the definition of Benami Transactions as per the Benami Transactions (Prohibition) Amendment Act, 2016. As per section 2(9) of the said Benami Transaction is defined as a transaction or an arrangement-(a) where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person ; and (b) the property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd joint depositor under E or S to enable the respondent to repay the matured deposits from the separate account held with the City Union Bank, Pattukottai Branch. 16. In response to counter filed by the respondent, learned counsel for the applicant filed rejoinder and submitted relevant points which are as follows : (i) The counter has not been signed by the respondent-company but the representing counsel has signed the counter not supported by verifying affidavit. The applicant has not been served with complete set of documents filed before this Tribunal. (ii) Pursuant to section 160 of the Companies Act, 2013, a director appointed by the Board shall have their tenure up to the date of next general meeting and shall vacate office immediately after general meeting unless re-appointed. The respondent-company did not reappoint Mr. T. Shanmuganathan, father of the applicant, as director and therefore his directorship expired in the year 2014 when the general meeting was convened and these facts are not relevant to the present case. (iii) All the fixed deposit receipts accepted by the company are signed and issued by Mr. Jothirajan. Section 406 of the Companies Act, 2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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