2018 (5) TMI 2078

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....ants/Petitioners in the present company application invested their money in the Respondent no.1 company working under the umbrella of M/s Prism Infracon Limited in fully paid up secured redeemable nonconvertible debenture on different dates with the date of redemption mentioned on every certificate. II. In most of the cases, the date of redemption was due. The applicants/ petitioners has not deposited their Debenture Certificates for redemption with the company. The details of the debenture certificate annexed with the petition is as follows: S.N. Debenture holders Name Certificate No. Amount of Deposit Folio No. Surrender form No. Maturity Date 1. Abhay Nath Pandey, SIPS No.P-59016 Rs. 30,000/- PIL/PC031481 -- 05.01.2018 2. Indrajeet Saroj, SIPS No.P-64950 SIPS No.PI-09385  SIPS No.P-92151  SIPS No.P-71311 Rs. 30,000/- + Rs. 60,000/- + Rs. 30,000/- + Rs. 30,000/- = Rs. 1,50,000/- PIL/PC053134 PICL/PA013798 PIL/PC082016 PIL/PC053220 -- 31.03.2018, 24.12.2019, 28.02.2019 & 24.06.2018 3. Amrit Lal, SIPS No.P-82209 Rs. 60,000/- PIL/PC025402 -....

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....0,000/-  PIL/PC032087 -- 28.02.2018 19. Sudha Devi SIPS No.PI-11649 Rs. 60,000/-  PICL/PA022851 -- 31.01.2020 20. Rakesh Pandey SIPS No.P-64811 Rs. 30,000/-  PIL/PC051483 -- 06.03.2018 21. Kallu Ram Gupta SIPS No.P-92107 SIPS No.PC- 000732  Rs. 1,26,000/- + Rs. 21,600/- = Rs. 1,47,600/- PIL/PC026318 PICL/PC002146 -- 05.02.2019 & 28.02.2018 22. Jai Shankar Seth SIPS No.PI-33038 SIPS No.PI-17319 SIPS No.PI-15381 Rs. 60,000/- + Rs. 66,000/- + Rs. 4,80,000/- =  Rs. 6,06,000/- PICL/PA057599 PICL/PA013616  PICL/PA013674 -- 31.01.2021, 11.04.2020 & 19.03.2020 23. Chhaya Mishra SIPS No.P-64908  Rs. 1,20,000/- PIL/PC051487 -- 25.03.2018 24. Rakesh Madhav Pandey SIPS No.P-100843  Rs. 1,20,000/-  PIL/PC100241 -- 06.06.2019 25.  Vinay Kumar Singh SIPS No.PI-34193 Rs. 1,20,000/- PICL/PA057581 -- 16.02.2021 26. Neelam Gupta SIPS No.P-59058 Rs. 30,000/- PIL/PC031445 -- 15.01.2018 27.  Shabnam Bano SIPS No.PI-3418....

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.... payment, sale of its assets within four weeks and directors of the company were asked to surrender their passport and further restrained to leave the country without prior permission of this Tribunal. Till date, no concrete plan has been submitted by the R1 Company. Further, vide above orders, directions were issued to the CGSC to furnish its report specifically in respect of assets of the company and charges created. In compliance, thereof ROC has submitted its report. The relevant para of the ROC report is reproduced herein below: "As regards present status of non-convertible redeemable debentures (secured by mortgage on specific land) as allotted by the company, as per the last Annual Return as on 30.09.2014 filed by the company on 18.11.2014 at the MCA Portal, number of non-convertible debentures are 97,98,550 @ Rs. 100/- to the value of Rs. 97,98,55,000.00". 5. Section 2(30) and 2(31) of the Companies Act, 2013 defines debenture and deposit, same is stated as under: Sec 2(30) "debenture" includes debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not; [Pr....

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....s except those covered under item (b) above: Provided that if the amount received under items (a), (b) and (d) above becomes refundable (with or without interest) due to the reasons that the company accepting the money does not have necessary permission or approval, wherever required, to deal in the goods or properties or services for which the money is taken, then the amount received shall be deemed to be a deposit under these rules. Having heard the counsels for both the parties and by the perusal of the record, it is undisputed that all the applicants fall within the category of either debenture holder or deposit holder. 6. Section 71(10) and 73(4) of the Companies Act, 2013 deals with the power of this tribunal, when a company fails to redeem the debenture or fails to repay its deposits. Section 71(10) and 73(4) are stated as under: 71(10) Where a company fails to redeem the debentures on the date of their maturity or fails to pay interest on the debentures when it is due, the Tribunal may, on the application of any or all of the debenture-holders, or debenture trustee and, after hearing the parties concerned, direct, by order, the company to redeem the ....