Indian Kanoon - Search engine for Indian Law

20. But, the learned Counsel for the appellants-defendants contends that while the appellant-1st defendant is closed, the 3rd appellant-defendant is a share-holder in the same, that the 3rd appellant-defendant, as is seen from the Annual Report, has sustained a loss, and that it is also clear that all its assets are tied-up due to the secured loans. He also points out from the report that the turnover has decreased.

21. But, as rightly pointed out by the learned Counsel for the respondent-Bank, the 3rd appellant-defendant has not produced the Annual Report and Balance Sheet regarding years after 2000-01. Therefore, by relying upon the only Report and the Balance Sheet regarding year 2000-01 it cannot be stated that the 3rd appellant-defendant has run into losses or that it cannot make any deposit.