Karnataka High Court
M/S Canara Nidhi Limited vs Nil on 4 April, 2024
Author: Suraj Govindaraj
Bench: Suraj Govindaraj
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NC: 2024:KHC:14025
CA No. 296 of 2023
In COP No.258 of 2002
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 4TH DAY OF APRIL, 2024
BEFORE
THE HON'BLE MR JUSTICE SURAJ GOVINDARAJ
COMPANY APPLICATION NO. 296 OF 2023
IN
COMPANY PETITION NO.258 OF 2002
BETWEEN:
M/S CANARA NIDHI LIMITED
REGISTERED OFFICE AT
SYNDICATE HOUSE
UPENERA NAGAR
MANIPAL 576104
REP BY ITS DIRECTOR
SMT SAVITHRI PRASAD
...APPLICANT
(BY SRI. S. K. ACHARYA U.,ADVOCATE)
AND:
Digitally signed NIL
by
NARAYANAPPA ...RESPONDENT
LAKSHMAMMA
Location: HIGH
COURT OF
KARNATAKA THIS COMPANY APPLICATION IS FILED UNDER SECTION 391
TO 393 R/W SECTION 394A OF THE COMPANIES ACT, 1956 PRAYING
TO ALLOW THE APPLICATION AS PRAYED FOR AND GRANT LEAVE
TO IT TO DEPOSIT/REMIT THE UNCLAIMED DEPOSITS AMOUNT OF
RS.44,64,534/- (RUPEES FORTY FOUR LAKH SIXTY FOUR THOUSAND
FIVE HUNDRED AND THIRTY FOUR ONLY) (AS ON 31.03.2023) INTO
THE ACCOUNT OF IEPF (CENTRAL GOVERNMENT ACCOUNT), IN THE
INTEREST OF JUSTICE, IN COMPLIANCE OF THE ORDER PASSED AT
ANNEXURE-C, IN THE INTEREST OF JUSTICE.
THIS COMPANY APPLICATION, COMING ON FOR ORDERS, THIS
DAY, THE COURT MADE THE FOLLOWING:
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NC: 2024:KHC:14025
CA No. 296 of 2023
In COP No.258 of 2002
ORDER
1. CA No.296/2023 has been filed seeking for the following reliefs;
To allow the application as prayed for and grant leave to it to deposit/remit the unclaimed deposits amount of Rs.44,64,534/- (Rupees Forty Four Lakh Sixty Four Thousand Five Hundred and Thirty Fourt only) (as on 31.03.2023) into the account of IEPF(Central Government Account), in the interest of justice, in compliance of the order passed at Annexure-C
2. The petitioner company having approached this Court under Section 391 to 393 of the Companies Act, 1956 in COP No.258/2002 of Company Application No.923/2002 the same came to be accepted vide order dated 15.10.2004 and the scheme of compromise sanctioned. In terms thereof, the petitioner was directed to pay the depositors within a period of five years along with interest accrued and certain other terms.
3. The petitioner is before this Court now contending that all the amounts due to all the depositors in terms of the scheme has been paid and the -3- NC: 2024:KHC:14025 CA No. 296 of 2023 In COP No.258 of 2002 petitioner is now holding an amount of Rs.44,64,534/- as regards which there is no claim made and in this regard a certificate of Charted Accountant has been produced at Annexure-C.
4. On enquiry, if the entire amounts claimed by the depositors have been paid in full or whether only 75% has stated in sub-para C of para 3 in the affidavit of the Director of the petitioner-Company, it is categorically submitted that the petitioner- Company has paid 100% of the deposit amount in favour of the depositors and the amount now remaining is unclaimed deposit amount as regards which none has come forwarded to claim.
5. In that view of the matter, I am of the considered opinion that the application is required to be allowed and the amounts are to be permitted to be deposited in the concerned account of the IEPF. As such, I pass the following;
ORDER
i. CA No.296/2023 is allowed.
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NC: 2024:KHC:14025
CA No. 296 of 2023
In COP No.258 of 2002
ii. The petitioner is permitted to deposit/remit
unclaimed deposit of Rs.44,64,534/- into the account of IEPF (Central Government Account) within the period of four weeks from today. iii. It is however made clear that if any claim made by the any depositor in future and same is satisfying the requirement of law requiring the petitioner to make a claim. The said payment shall be made by the petitioner without delay and without contending that the amounts have already been deposited to IEFC account.
Sd/-
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