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2013 DIGILAW 900 (KAR)

C. K. Sreenathan v. Reserve Bank of India

2013-08-08

DILIP B.BHOSALE

body2013
JUDGMENT Dilip B. Bhosale, J.—This application is filed in Company Petition No. 199 of 2011. The company petition is filed by the Reserve Bank of India (RBI) against the petitioner under Section 45MC of the Reserve Bank of India Act, 1934 read with Section 433 of the Companies Act, 1956 whereby the RBI seeks winding up of the respondent-Company. The respondent-company was incorporated on 1st February, 1985. It is a non-banking financial company as defined under Section 45I(f) of the Reserve Bank of India Act, 1934 having the main objective as mentioned in paragraph 5 of the company petition and bound by the directions issued by the Reserve Bank of India as amended from time to time. 2. The respondent-company was carrying on the business of non-banking financial institution after obtaining certificate of registration from the RBI under Chapter III-B of the said Act. This Court vide order dated 13-1-2012 has appointed an Official Liquidator of this Court as provisional liquidator who has taken charge of the assets and properties of the respondent-company along with books of accounts and other records. 3. There does not appear to be any dispute that the respondent-Company was also having safe deposit lockers and that they were allotted to their customers including the applicant-Sri C.K. Sreenathan. The applicant is having two safe deposit lockers bearing Nos. 140 and 248 jointly with his wife Smt. Srilatha Sreenathan since over 20 years. The applicant states that in the locker they have deposited their valuables, silver/gold articles and jewellary. The applicant claims that all the articles in the lockers are their personal property acquired through inheritance and also by way of subsequent acquisition over the years. The applicant also states on affidavit that the respondent-Company has no concern with the articles lying in their lockers except the fact that the lockers belong to the company and they were allotted to the applicant and his wife, being its customers and that they have been paying rent for the same. 4. It is in this backdrop the applicant has filed this application seeking direction to the Official Liquidator to permit him to open the lockers and take possession of all the articles in the lockers. 5. 4. It is in this backdrop the applicant has filed this application seeking direction to the Official Liquidator to permit him to open the lockers and take possession of all the articles in the lockers. 5. This Court on last occasion (i.e., on 1-8-2013) had issued the following directions: (i) The Official Liquidator shall allow the applicant to open his lockers in his presence and in the presence of a representative of the Reserve Bank of India on 2-8-2013 at 11 a.m. and shall prepare inventory of contents of the lockers. After taking inventory, the Official Liquidator shall obtain signatures of the applicant and the representative of the RBI. (ii) All the contents/articles in the lockers, after inventory, are directed to be kept back in the lockers. (iii) The keys of the lockers, which the applicant is possessing, shall remain with him, until further orders. 6. Accordingly, the lockers were opened and an inventory was drawn in the presence of officers as indicated in the order dated 1-8-2013. The Official Liquidator has filed a memo dated 5-8-2013 and has placed on record minutes/mahazar of the opening of the lockers with the list of articles kept therein. Learned Counsel appearing for the Official Liquidator, on instructions, submits that the Official Liquidator does not have any objection for allowing the applicant to take the articles, subject to the applicant furnishing indemnity bond and undertaking to this Court that applicant and his wife will produce these articles in the event of there being any objection from the ex-Directors or any other person and that the applicant and his wife shall not dispose of these articles for a period of one year from today. He further submits that the undertaking and the indemnity bond as aforementioned should remain valid for a period of one year at least. 7. At this stage, the Official Liquidator has not disputed the statements made by the applicant that the articles found in the lockers belong to him and his wife. He further submits that the undertaking and the indemnity bond as aforementioned should remain valid for a period of one year at least. 7. At this stage, the Official Liquidator has not disputed the statements made by the applicant that the articles found in the lockers belong to him and his wife. In the circumstances, I pass the following Order.-- The Official Liquidator shall hand over all the articles (listed in the minutes and its Annexures-A and B placed on record with to the memo dated 5-8-2013) to the applicant and his wife on their executing an indemnity bond and so also fifing of an affidavit giving an undertaking that they shall not dispose of these articles for a period of one year from the date of taking possession thereof and shall produce the same before the Court if there is any such order being passed by this Court. It is needless to mention that while taking possession of the articles mentioned in the minutes (Annexures-A and B), weight of each of the items be determined and mentioned in the acknowledgment by the applicant and his wife. The applicant and his wife will execute an indemnity bond and furnish undertaking/affidavit, as aforementioned jointly before taking possession of the articles. The indemnity bond and the undertaking/affidavit shall remain operative/bind them for a period of one year from the date of taking possession of the articles and subject to the order, if any, passed by this Court in company petition within the period of one year either at the instance of the Official Liquidator or any other person. 8. The Official Liquidator shall keep an Officer of the Reserve Bank of India present while handing over the articles as aforementioned to the applicant and his wife. If any of ex-Directors is available, the Official Liquidator may request him also to remain present at the time of handing over the articles to the applicant and his wife. With these directions, the application is disposed of.