Report No. 143

Company Law Board

24-4-1991

1. The Managing Director,
M/s. Ambalal Sarabhai Enterprises Limited,
Wadi, Sarabhai Enterprises Limited,
Wadi Wadi,
Baroda.

2. The Secretary,
M/s. Ambalal Sarabhai Enterprises Limited,
Wadi, Sarabhai Enterprises Limited,
Baroda.

Subject: Action under section 58A(9) of the Companies Act, 1956.

Dear Sir,

I am directed to invite your attention to letter No. 6(2)(11)/87/L.C.(LS) (IF) (13) dated 14-2-1991, addressed by Law Commission of India to M/s. Ambalal Sarabhai Enterprises Limited and your reply No. ASE: FD: 125 dated 26-2-1991 and subsequent communications dated 22nd March, 1991 addressed by the Law Commission to the Company and to say that you were advised to make payment of the principal amount due to all of the 1,312 depositors along-with the interest accrued thereon within the time frame indicated therein so that the grievances of the depositors are redressed.

2. The Law Commission has informed that you have neither furnished the required information nor acceded to the recommendations made in the aforesaid communication. You are hereby called upon to furnish detailed particulars of the aforesaid communication. You are hereby called upon to furnish detailed particulars of the aforesaid, 1,312 depositors stating whether repayment of principal amount and interest due thereon has been made and if not, the reason thereof.

You are also called upon to appear at the hearing before Shri S.P. Upasani, Chairman, Company Law Board at the Regional Bench of the Company Law Board at NTC House, 2nd Floor, 15, N.M. Marg, Ballard Estate, Bombay on 16-5-1991 at 10.15 A.M. alongwith following documents/information:-

(i) A copy of the latest audited balance sheet and profit and loss account of the company.

(ii) The present constitution of the Board of Directors of the company indicating the name and address of each Director.

(iii) A certified true copy of the latest Return of Deposits filed in the office of the Registrar of Companies unite. Rule 10 of the Companies (Acceptance of Deposits) Rules, 1975.

(iv) A certified true copy of the latest advertisement issued or inviting the deposits as also a certified true copy of the statement in lieu of advertisement filed with the Registrar of Companies under rule 4/4A of the Companies (Acceptance of Deposits) Rules, 1975.

(v) Total amount of outstanding deposits, as on date.

(vi) A complete set list of depositors including their name, address and amount of deposit in each case in respect of deposits which have matured and not paid.

(vii) A complete list of depositors including their names, addresses and amount of deposit in cash case, in respect of deposits claimed for payment before the date of maturity and not repaid.

(viii) Suggestions, if any or a scheme for repayment of all matured deposits with details thereof.

(ix) Any other information as may be considered relevant.

3. No TA/DA will be paid for attending the hearing.

4. Please acknowledge receipt under intimation to Shri M.A. Kuvadia, Bench Officer, Regional Bench Region, Company Law Board, NTC House, 2nd Floor, 15, N.M. Marg, Ballard Estate, Bombay-400 038.

Yours faithfully,
(Sd. /-)
(U.P. Mathur)
Secretary,
Company Law Board

Endorsement No. 1/91 /Misc/CLBS/24-4-91

Copy forwarded for information and necessary action to Shri M.A. Kuvadia, Bench Officer, Regional Bench Company Law Board, NTC House, 2nd Floor, N.M. Marg, Ballard Estate, Bombay.

(Sd./-)
(U.P. Mathur)
Secretary, CLB

Encls: As above.