1. Listed before me 229 applications received in the month of June, 2013 involving 191 Matured and 38 Pre-matured applications of the depositors (As per list enclosed). The applicants have made these applications under Sec. 58A(9) of the Companies Act, 1956 as the company has failed to repay their deposits as per the terms and conditions of acceptance of deposits. The applicant depositors have prayed that necessary directions may be issued to the company Birla Power Solutions Limited to repay their deposits at contracted rate till the date of repayment. The company has, however, not disputed the claim of the applicant depositors.
2. The above applications were listed on 30.08.2013 Mr. Prashant Bare, Advocate for the Company was present on behalf of the company. Perusing all the applications listed before me today it is noted that there is a failure on the part of the company to repay the depositors as per the terms and conditions of acceptance of deposits. This Bench is of the clear opinion that the Respondent Company has defaulted in re-payment of the deposited amounts along with interest, thereon. Only 26 depositors have been stated to have been repaid only the principal amount. However, it was stated that all the depositors' principal amount, with interest thereon as on date shall be paid within eight weeks of the CLB's order.
4. In view of the genuine claim of the applicants and also in exercise of powers conferred under section 58A(9) of the Companies Act, 1956, I hereby direct the company as under:
i) The company shall make the repayment of fixed deposit with up-to-date interest thereon to the applicant depositors by or before 31.10.2013.
ii) The company shall make repayment of Deposits with interest till the repayment date by Demand Draft which shall be sent by Registered Post to the said applicant depositors.
iii) The company shall file an affidavit of compliance with the CLB by 05.11.2013 to the effect that it has repaid the deposits. A copy of the Affidavit be sent to the Registrar of Companies, Mumbai Maharashtra as well.
iv) Any failure to comply with this order on the part of the R-I Company shall attract the penal provisions contained in sub-section 10 of Sec. 58A of the Companies Act, 1956.
v) The Bench Officer shall forward a copy of this order to the Registrar of Companies, Maharashtra also.
vi) In the event of non compliance of this order, the Registrar of Companies, Mumbai Maharashtra, 100, Everest Building, Marine Drive, Mumbai-2 shall initiate prosecution proceedings against the company and its every officer including the Mg. Director of the company before 30.11.2013.
Ordered accordingly.