A KARISHMA Vs. PREMIER NITRATES AND CHEMICALS PRIVATE LTD

JUDGEMENT

(1.) THE applicants hereinabove have made applications under Section 58A(9) of the Companies Act, 1956 (hereinafter referred to as "the Act") against Premier Nitrates and Chemicals Private Limited (hereinafter referred to as "the company") for failure on its part to repay the deposits with interest thereon as per details given in the said applications.

(2.) Since the issues are common, both the said applications are being disposed of by this common order.

(3.) IN these applications, it has been stated that the depositor-applicants had deposited with the company a sum of Rs. 2.5 lakhs each on March 3, 1993, for a period of two years carrying interest at 15 per cent. per annum. The company had paid interest of Rs. 2,645 to the applicants for the period from March 3, 1993, to March 31, 1993, after deducting tax at source. The company had also deducted tax at source for subsequent periods, but without paying any interest to the applicants. IN spite of repeated demands and the legal notice dated June 7, 1995, the company failed to repay the deposits.