Karnataka High Court
Tecqubes Technologies India Private ... vs Kotak Mahindra Bank Limited on 18 June, 2025
Author: S Sunil Dutt Yadav
Bench: S Sunil Dutt Yadav
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NC: 2025:KHC:20917
WP No. 26339 of 2024
HC-KAR
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 18TH DAY OF JUNE, 2025
BEFORE
THE HON'BLE MR JUSTICE S SUNIL DUTT YADAV
WRIT PETITION NO. 26339 OF 2024 (GM-RES)
BETWEEN:
TECQUBES TECHNOLOGIES
INDIA PRIVATE LIMITED,
A COMPANY WITHIN THE MEANING
OF THE COMPANIES ACT 2013,
HAVING REGISTERED OFFICE AT
LEVEL 8, UMIYA BUSINESS PARK,
KADUBEESANAHALLI, MARATHAHALLI,
BENGALURU - 560 037,
REPRESENTED BY ITS DIRECTOR,
MR. GOPAN GOPINATH PILLAI.
...PETITIONER
(BY MS. ANNAPOORNA, ADVOCATE AND
SRI. SHIVANNA.E, ADVOCATE)
Digitally
signed by
VIDYA G R AND:
Location:
HIGH 1. KOTAK MAHINDRA BANK LIMITED,
COURT OF
KARNATAKA HAVING ITS OFFICE AT 65/1,
4TH MAIN ROAD, OPP BSVP SCHOOL,
VIJAYANAGAR, BENGALURU - 560 040,
REPRESENTED BY ITS BRANCH MANAGER.
2. KOTAK MAHINDRA BANK LIMITED,
A COMPANY WITHIN MEANING OF
THE COMPANIES ACT, 2013,
AND HAVING REGISTERED OFFICE AT
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NC: 2025:KHC:20917
WP No. 26339 of 2024
HC-KAR
27BKC , C27, G BLOCK
BANDRA KURLA COMPLEX,
BANDRA (E), MUMBAI - 400 051,
REPRESENTED BY HEREIN BY ITS
MANAGING DIRECTOR AND CEO.
3. SMT. SWAPNA JOY,
W/O JOY POULOSE,
AGED ABOUT 49 YEARS,
R/AT JANA JEEVA SILVER PALM,
AMBALIPURA VILLAGE,
BELLANDURU, BENGALURU - 560 102.
...RESPONDENTS
(BY SRI. BALSUBRAMANYA K.M, ADVOCATE FOR R1 AND R2;
SRI. CHANDAN K, ADVOCATE FO PROPOSED R3)
THIS W.P. IS FILED UNDER ARTICLES 226 AND 227 OF
THE CONSTITUTION OF INDIA PRAYING TO DIRECTION TO THE
RESPONDENTS TO DEFREEZE THE ACCOUNT BEARING NO.
9900803101 IN THE NAME OF THE COMPANY AND ETC.,
THIS PETITION, COMING ON FOR PRELIMINARY
HEARING, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:
CORAM: HON'BLE MR JUSTICE S SUNIL DUTT YADAV
ORAL ORDER
1. The newly added respondent No.3 has filed an affidavit before this Court and the relevant portions of the affidavit at Paras 3 to 6 is as follows: -3-
NC: 2025:KHC:20917 WP No. 26339 of 2024 HC-KAR "3. The said bank account was frozen based on a letter issued by me (Proposed Respondent No. 3). I am neither the authorised signatory nor an operator of the said bank account. Although, I was previously a director at the Petitioner company, I have since resigned pursuant to a mutual compromise between the directors. The
4. I state that, the resignation of was duly formalised through Letter of Resignation dated 28.05.2025, a copy of which is annexed, to the memo dated 13.06.2025 filed by the Petitioner, as Annexure 1.
5. The internal disputes between the directors of the Petitioner Company have been amicably resolved. I undertake that I will not connect with, solicit, communicate or in any manner interact directly or indirectly with any customer, vendor, employee, consultant and / or any other person in or associated with the Petitioner company and undertake to not contact any of them in whatsoever capacity. Hence, I respectfully seek that this Hon'ble Court may de-
freeze the above-mentioned bank account.
6. In light of the settlement and the joint prayer sought by both parties (in memo dated 13.06.2025), there is no justification in continuing the freeze on the said bank account especially when it is causing -4- NC: 2025:KHC:20917 WP No. 26339 of 2024 HC-KAR undue hardship to the Petitioner company in its daily operations.
WHEREFORE, I respectfully pray that this Hon'ble Court may be pleased to:
a) Take this affidavit on record and defreeze the Petitioner Company's bank account No. 9900803101 maintained with Kotak Mahindra Bank Limited;
b) Pass any such other order(s) in the interest of justice and equity."
2. It is submitted on behalf of respondent No.3 that the matter may be disposed of in light of the contentions of the affidavit.
3. Perused Annexure - E which is a communication of the respondent - Bank while freezing the account. It is clear that the debit freeze of the account was on the basis of a request made by the Director Mrs. Swapna Joy. The said Director had complained to the Bank on the basis of which there was an order of Debit Freeze. -5-
NC: 2025:KHC:20917 WP No. 26339 of 2024 HC-KAR
4. In light of the affidavit filed, inter-se dispute between the bank and the petitioner are stated to have been settled. If that were to be so, the question of continuance of debit freeze in terms of Annexure-E, does not arise.
5. Learned counsel for the respondent - Bank submits that the Court may pass appropriate orders taking note of the affidavit filed.
6. Respondents 1 and 2 - Bank are to lift their debit freeze insofar as account bearing No.9900803101, in the name of TECQUBES TECHNOLOGIES INDIA PRIVATE LIMITED.
7. Needless to state, in light of the settlement, the legal dispute between the petitioner and the respondent - Bank also does not survive for consideration.
8. It is clarified on the basis of request by the respondent - Bank that the petitioner is restrained from initiating any steps to claim damages against respondent - -6-
NC: 2025:KHC:20917 WP No. 26339 of 2024 HC-KAR Bank with respect to consequences that may have flowed from the order of debit freeze passed on 09.09.2024. Accordingly, the petition is disposed off.
Sd/-
(S SUNIL DUTT YADAV) JUDGE DHA List No.: 1 Sl No.: 14 CT: BHK