Company Law Board
Mr. Mayank Kocher vs Transport And Handling Equipments ... on 29 August, 2006
Equivalent citations: [2007]74SCL316(CLB)
ORDER
1. In the order I am considering Company Petition No. 20 of 2003 filed under Section 237 of the Companies Act, 1956 wherein the petitioner namely Shri Mayank Kochar has prayed for appointment of an administrator/special officer to take over charge of the management and affairs and assets and properties of the company and to order investigation into the delays and transactions of the company under Section 237 of the Act including an order for rectification of its register of members alleging that the respondents have refused to rectify the register to undo the fraud by transferring his 100 shares and 200 share of his late father Shri Mohan Lal Kocher to third parties, besides illegally removing him from directorship; increasing paid up share capital without justification; removing the auditors and ousting Kochars malafidely.
2. The undisputed facts are: The respondent No. 1 i.e. M/s Transport and Handling Equipments Manufacturing Company Pvt. Ltd. (hereinafter referred to as the Respondent Company) is a private limited company incorporated on 15.1.1962 under the Companies Act, 1956. It has its registered office at Tower House, 2A, Chowringhee Square, Calcutta, West Bengal. The authorized and the paid up share capital of the respondent company was Rs. 5,00,000/- (50,000 equity shares of Rs. 10/- each and Rs 10,000/- respectively. As per the Annual Return for 1999 the paid up capital is Rs. 3,70,000/-. The company was incorporated for the objects of general trading, agencies and certain manufacturing activities such as containers and trailers. On receipt of the petition containing allegations as mentioned in para 1 above, on the request of the petitioner the CLB by its Order, dated 20.8.2004 directed the respondents to file documents to substantiate petitioner's arguments returnable on 3rd November 2004. The petitioner tried and invaded into the Company's record despite not being a Shareholder of the company to procure Share Transfer Deeds and original Index Register, Accounts Books and proof of service of Extraordinary General Meeting held on 20.3.1986. Company to make repayment as per the Scheme approved by the CLB, overdue interest shall be payable at 14.5% per annum.
b) All deposits upto Rs. 5.000 together with interest from the date of deposit till date of payment shall be paid in one instalment within a period of four months from the date of maturity or date of the order of the CLB whichever is later..
c) All deposits of Rs. 5,001-10.000 together with interest from the date of deposit till date of payment shall be paid within 18 months from the date of maturity or date of the order of the CLB whichever is later at 50% of the principal amount during the first year and balance of 50% of the principal amount together with the entire interest due thereon in the second year.
d) All deposits of Rs. 10.001-15,000 together with interest from the date of deposit till date of payment shall be paid within 21 months form the date of maturity or date of the order of the CLB whichever is later at 50% of the principal amount during the first year; and balance 50% of the principal amount together with the entire interest due thereon in the second year.
e) All deposits of Rs. 15,001-25,000 together with interest from the date of deposit till date of payment shall be paid within 24 months form the date of maturity' or date of the order of the CLB whichever is later at 50% of the principal amount during the first year and balance 50% of the principal amount together with the entire interest due thereon in the second year.
f) All deposits above Rs. 25,000 together with interest from the date of deposit till date of payment shall be paid within 27 months from the date of maturity or date of the order of the CLB whichever is later at 35% of the principal amount during the first year; 35% of the principal amount in the 2nd year; and balance of 30% of the principal amount together with the entire interest due thereon in the third year.
g) Notwithstanding the above -
i. All deposits upto Rs. 5.000 maturing during the year 2000 shall be paid together with interest thereon in one instalment within three months from the date of maturity of such deposits;
ii. All deposits of Rs. 5,001-10,000 maturing during the year 2000 shall be paid together with interest thereon in one instalment within six months from the date of maturity of such deposits.
iii. All deposits of Rs. 10,001-15,000 maturing during the year 2000 shall be paid together with interest thereon in one instalment within nine months from the date of maturity of such deposits.
iv. All deposits of Rs. 15,001-25,000 maturing during the year 2000 shall be paid with interest thereon in two equal instalments within 12 months from the date of maturity of such deposits.
v. All deposits above Rs. 25.000 maturing during the year 2000 shall be paid with interest thereon in two equal instalments within 15 months from the date of maturity of such deposits.
vi. All deposits maturity during the year 2001 shall be paid together with interest on maturity in terms of such deposits.
The Company shall, for the purpose of Section 205C, go by the Scheme sanctioned on 31.03.1999, to determine the due dates of deposits for payment" by it. In view of the foregoing conclusions. the Company will transfer the entire unclaimed matured deposits to the Fund within a period of seven years form the due dates of such deposits, as per the scheme dated 31.03.1999. With these directions, the application stands disposed of.