9911796707
TMI Blog2022 (10) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... pursuant to a scheme of amalgamation sanctioned by Hon'ble Calcutta High Court on 02.06.2014) accepted to grant Inter Corporate Deposit to the Corporate Debtor of Rs.40 Crore and a cheque of Rs.25 Crore was annexed alongwith letter dated 16.05.2014. (iii) The Corporate Debtor from time to time has repaid some amounts on account of principal and also on account of interest. Corporate Debtor had also made deductions on account of Tax Deducted at Source and Form 26 AS was also filed in this regard. (iv) Due to defaults committed by the Corporate Debtor in servicing its Interest and its repayment obligation, a legal notice dated 04.01.2016 was issued regarding repayment of inter-corporate deposit, which notice was replied by the Corporate Debtor on 03.02.2016 where the Corporate Debtor stated that entire amount of Inter Corporate Deposit has been invested in various securities and due to adverse directions issued by the Securities and Exchange Board of India (SEBI) business of the company has come to a standstill. It was further stated that company has been making best possible efforts to manage funds to repay. The Corporate Debtor even thereafter in writing has acknowledged and ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed as Annexure A-IV. It is useful to extract the letter dated 14.05.2014. "Dated: 14th May, 2014 Adventz Investments And Holdings Ltd. 31, Hongkong House, B.B.D. Bagh (South), Kolkata - 700001 Sub: Request for grant of Inter-Corporate Deposit (ICD). Sir, With reference to above you are requested to kindly grant us an Inter-Corporate Deposit (ICD) of Rs.40 Crore on the following terms and conditions: 1. ICD Amount : Rs. 40 Crore (Rupees Forty Crore only) 2. Rate of Interest : 12.50% p.a. (payable half yearly) 3. Repayment : 1 year with an option to renew further 4. Disbursement : Immediate in single or tranches 5. PAN No. : AABCGO769Q We shall appreciate for your immediate response. Thanking you Yours faithfully For Jai Annanya Investments Pvt. Ltd." 5. The request made by the Corporate Debtor was accepted vide letter dated 16.05.2014 which was also referred to and filed as part of Annexure IV, which is as follows:- "Dated: 16th May, 2014 Jai Annanya Investments Pvt. Ltd. 31, Hongkong House, B.B.D. Bagh (South), Kolkata - 700001 Sub: Inter-Corporate Deposit. Dear Sir, This has reference to you request let ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it has been invested in various securities. Vide order dated August 20, 2015, the Securities and Exchange Board of India (SEBI) has restrained the Company from buying, selling or dealing in the securities markets, either directly or indirectly, in any manner, till further directions. Due to the adverse directions issued by SEBI vide its order dated August 20, 2015, the complete business of the Company has come to a standstill resulting in a loss of INR 93.12 Lacs to the Company. Further, the demat accounts of the Company has been frozen thereby preventing us from liquidating the investments and paying off our creditors. We further inform you that in order to liquidate the Company's investments and pay off its creditors, applications have been made by the Company to SEBI including dated February 2, 2016 seeking certain interim reliefs. Please find enclosed a copy of the interim application dated February 2, 2016 for your reference. The Company has been making best possible efforts to arrange for funds to repay its creditors. However, due to unforeseen circumstances beyond its control, the Company is unable to discharge its commitments within time. In the interest of m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ured. Considered good Inter-Corporate Deposit 1,43,37,53,247 Advances (recoverable in cash or kind or value to be received Advance Income Tax (net of provision) 54,01,771 Advances to Employees 14,83,873 Prepaid Expenses 3,16,286 Others 2,22,29,314 Unsecured. Considered Doubtful Inter-Corporate Deposit 18,56,87,409 Less: Provision for Doubtful Loans 18,56,87,409 1,46,31,84,491 10. The above financial statement clearly mentions the Inter Corporate Deposit of Rs.1,43,37,53,247/-. Similarly, with regard to other financial years mention of total Inter Corporate Deposit is given. The Adjudicating Authority has drawn adverse inference against the Financial Creditor only relying on few names of companies to whom Inter Corporate Deposit was given and whose names were mentioned in the note in the Independent Auditor's Report, but as noted above the names in the Report were with regard to those companies with whom litigations were going on. As noted above, the details of total Inter Corporate Deposits, which runs to Rs.143 Crores, has been reflected in the financial statements and the Adjudicating Authority without adverting to the relevant mat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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