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7. About 212 depositors have joined together and have filed common objections through the learned counsel Sri. S.M. Chandrashekar. They contend that the quorum of the meeting which was convened to consider the scheme should be 75 per cent of the value of the creditors and 75 per cent of the value of the shareholders under section 391 of the Companies Act. 16275 persons said to have attended the meeting and the value of which is Rs. 56,71,64,000 and 7277 persons value of which is said to be Rs. 22,38,78,302 as against Rs. 310 crores. Having regard to the value of the creditors of the company and shareholders, unsecured creditors said to have attended the meeting, the Scheme was not approved by the 75 per cent of the creditors under section 391 of the Act and, therefore, the petition is not maintainable. The report submitted by the Chairman to this court is illegal and it is not in accordance with law and the court should not act on the said report. These 212 objectors altogether have invested a sum of Rs. 1,05,19,500 in Royal bond certificate, Premier bond certificate and other schemes. They have filed Company Petition No. 206/02 under sections 433(e) and (f) of the Companies Act for winding up of the company and notice to the company has been ordered in the said petition. The Reserve Bank of India has directed the company to close down the operation and liquidate the debts. These objectors were not aware of the said orders and they have invested money. As the company's financial position is crippled and as there are no signs of revival, as the entire infrastructure has collapsed, therefore, the scheme propounded by the company is sham. Hence it has to be rejected. Many of the creditors have not received notice. Some of the creditors have received notice after meeting. Thus the company has prevented the genuine creditors from attending the meeting and expressing their opinion. Number of persons shown to have attended the meeting is exaggerated. Only 500 to 600 persons were present in the meeting hall. A close scrutiny of the proxy forms of the company shows that the company might have forged the proxy forms and votes said to have been polled in favour of the scheme, ballot boxes were not sealed, unauthorized persons were allowed to cast votes in favour of the scheme, the company has conveniently and cleverly prevented the genuine creditors from attending the meeting and thus got approval of the scheme fraudulently. The scheme is not fair and opposed to the interest of the creditors. Thus the creditors will be deprived of company funds in the hands of the above-said persons. If the company is unable to implement the directions issued by the Reserve Bank of India the company has to be wound up. The best option is to appoint the Official Liquidator and under the supervision of the High Court to liquidate the assets of the company and distribute the proceeds. These deposits have invested their hard earned money and life savings. They are unable to meet their daily needs such as hospitalisation, marriages, social engagements etc. Therefore they contend that the petition is liable to be dismissed and no sanction should be accorded to the scheme.