B.S.V. Prakash Kumar Member (Judicial), J.:— The Applicant Counsel Reported that the company has initially deposited Rs. 65.00 lakhs out of which Rs. 40.57 lakhs has been disbursed in settlement of 215 depositors cases towards the deposits amounting to Rs. 1.08 crores, thereby, the total outstanding of Rs. 11.04 crores as on 14.8.2015 has reduced to Rs. 10.26 crores. He further submits that the applicant company could not comply with the order because it has disbursed 40 and odd lacs of rupees to the depositors amounting to rupees one crore plus.
2. To which, the depositors appeared before this Bench stated that the applicant company has been sending a Pro forma to everybody asking them to settle for 50% of the principal amount without any interest. Some people, on seeing offer of 50% out of principal, agreed to whatever the company is ready and willing to pay, though it is against the contractual terms entered into with the company.
3. On hearing the applicant Counsel and some depositors present before this Bench, this Bench holds that the company could not take an excuse in not depositing Rs. 1.5 crores by saying the company disbursed Rs. 40 lakhs to somebody who agreed as full satisfaction for 50% of the principal amount. If at all, the company wants to take out benefit by making 50% of the principal to some of the depositors; it is in between the depositors and the company. They cannot count it into the payment this Bench directed to deposit and show it as paying dues to the depositors in compliance of the order passed by this Bench, therefore, this Bench hereby peremptorily directs the company to deposit Rs. 1.5 crores as directed in the Order dated 14.8.2015 on or before 30 September 2015, without including payment to the depositors made on 50% basis towards full satisfaction.
4. This Bench further observes that the company shall not give an impression to the public that CLB will provide a scheme to the Company giving 5 years' time to clear the dues of the depositors, because CLB has not designed any such schemes. If the depositors have any grievance, they are at liberty to approach lardship Committee to place their grievance.
5. List the matter on 30 September, 2015 at 10.30 AM.
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