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Report No. 143

Appendix 'B'

Statement showing Refund/Non-Refund of Company Deposits by various Companies declared Sick/Relief Units

Sl. No.

Name of Company

No. of Complaints received from the depositors

Information furnished by the Company

Refund/Remarks

Amount involving

No. of Deposits

Total amount involved

No. of cases pending before

Less than Rs. 11,000

Above Rs. 11,000

Less than Rs. 11,000

Above Rs. 11,000

CLB

Courts

1

2

3

4

5

6

7

8

9

10

1.

M/s Amar Dye-Chem, Ltd., Rang Udyan, Sitladevi Temple Road, Post Box No. 64, 71, Mahim, Bombay-400016.

01

..

Rs. 5240

Rs. 87,99,400

..

..

As per the scheme approved by the BIFR and Bombay High Court, Company is required to repay the principal amount in ten quarterly instalments and interest thereafter in 4 instalments. Company has paid under the scheme, Rs. 132 lakhs during 1990-91 vide Co's letters dt. 22-2-91 and 26-6-91.

2.

M/s Andhra Cement Co. Ltd., 111, Chandralok, Sarojini Devi Road, Secundrabad.

116

3

..

..

..

..

..

Refund ordered by, CLB are being paid (Co. letter dt. 14-7-90).

3.

M/s Associatted Precision Spindles Ltd., NH No. 8, Post GIDC, Vadpodara-390101.

01

9

..

..

Rs. 0.3 lakhs

..

..

There are no overdue unpaid deposits except 9 amounting to Rs. 30,500 for not surrendering deposit receipts (Co. letter dt. 28-2-91.)

4.

M/s Bengal Potteries, Thapar House, 25, Brobourne Road, Calcutta-700001.

..

..

..

..

..

..

..

FDs of Rs. 6.14 lakhs lying since 15-976. The Co. is not in a position to any back and FDR vide letter of 26-4-91.

5.

M/s Calico, Post Box No. 12, Jamalpur Gate, Ahmedabad

02

12

822
Rs. 31,94,677

12
Rs. 251,700

Rs. 34,46,377 plus Rs. 3.41 lakhs as interest.

..

6-19

Case is pending before BIFR. ICICI is operating agency and will soon submit report to BIFR. It is difficult to say anything regarding payment of deposits. (Co. letter dt. 13-5-91). BIFR has suspended the operation of CLB order to refund the deposits for one years or till finalisation of rehabilitation package. (Co. letter dt. 24-6-91)

6.

M/s Centron Industries & Alliance Ltd., 219, Adhyon, Industrial Estate, Indl. Assurance Building, Bombay-400020.

04

..

..

..

..

..

..

Company started making payment of deposits according to scheme sanctioned by Bombay High Court. (Co. letter dt. 25-29-91).

7.

M/s Central Paper & Pulp Mills Limitted, 1183, Shivaji Nagar, Pune-411 005.

385

5

3572
for Rs. 103.99 lakhs

62 for Rs. 23.41 lakhs

Rs. 127.40 lakhs

..

..

BIFR published rehabilitation package and invited offers from interested parties to revive the Company. Therein a provision has been made for payment of FDRs with interest at 14% p.a. (Co. letter 18.7 & 12-4-91.)

8.

M/s Champage Inida Ltd. Indage House, 82, Dr. Annie Besant Road., Worli, Bombay-400018.

03

..

266
Rs. 10,12,000

3
Rs. 60,000

Rs. 10,72,1000

..

..

The Company vide letter dt. 18-7-91 is hopeful to make the repayment very shortly.

9.

M/s Deccan Paper Mills Company Ltd., Mundwa, Pune.

01

01

..

18

Rs. 15.02 lakhs

..

..

The Compay is closed for the past 3 years Applicatiohn with BIFR pending. The company has not complied with the provisions of 5.58 (A) of the Companies Act, 1956. (letter dt. 25-2-91.)

10.

M/s. Deccan Dyes and Chemicals Industries, 38, Vijay Nagar colony, Pune-411 030

02

..

30
Rs. 11.70 lakhs

25
Rs. 0.70 lakhs

Rs. 12.40 lakhs

..

..

Company has paid Rs. 6 lakhs during past 4-5 years. As on 31-3-1991 total old deposits with interest amount to Rs. 9.47 laksh only (Co. letter dt. 11-5-91). (Rs. 12.40 lakhs according to letter dt. 23-2-91). Thus paid Rs. 2.93 lakhs between Feb. 91 to May, 91.

11.

M/s Emulsel Industrial Products, 771, Upper Mogal Lanes, Mahim, Bombay-400016.

02

01

..

..

..

..

..

Reminder sent on 20-6-91.

12.

M/s Experto Industrial Engravers Pvt. Ltd., Plot No. 1814, 1914, Hadapsar Industrial Estate, Pune.

01

..

90

..

Rs. 2.5 lakhs

..

..

95% of the depositors have been repaid. Therefore, Co. refunded about Rs. 2.4 lakhs to 86 depositors (companies letter dt. 29-8-90).

13.

M/s Gonloc Ltd. Magnet House, 6, Chittaranjan Avenue Calcutta-700072.

04

..

..

..

..

..

..

The case is under the consideration of BIFR (Co. letter dt. 7-5-91).

14.

M/s Gold Mohur Mills Ltd., D. Phalke Road, Dadar, Bombay-14

01

..

..

Rs. 4,46,500

..

..

..

Company is under the management of NTC Ltd. All the deposits remain unrefunded prior to take over i.e. 18-10-1983. (Co.letter 13-6-91).

15.

M/s Gujarat Setcoclutch Ltd., Baroda, Ghodhra Highway, Karol-389330.

01

..

153
Rs. 6,19,800

3
Rs, 49,000

Rs. 6.68 lakhs

..

..

The Co. is sick under S.I.P. Act, 1985. IRBI is operating agency. The viability plan is under consideration and it includes proposal to repay deposits/Interest. (Co. letter dt. 28-7-91).

16.

M/s H.E.S. Ltd., Jogeshwari Estate, Jogeshwar, Bombay-400102.

03

..

34
Rs. 1.45 lakhs

14
Rs. 3.55 lakhs

Rs. 5 lakhs

..

..

ICICI has been appointed as the operating agency with instructions to prepare rehabilitation scheme by the BIFR. (Co. letter dt. 16-4-91).

17.

M/s Hoist-O-Mech Ltd., 101, Sharda Chambers, 15, new Marine Lines, Bombay-20.

07

..

..

..

..

..

..

Unable to furnish data, promise to furnish the same shortly, (Co. letter dt. 26.291. Reminder on 12-6-91).

18.

M/s I.A.E.C. (India) Ltd., Mandap, 196, LB Shastri Marg, Bhandup, Bombay.

06

..

..

..

..

..

..

Company requested to bear with till the proposal is accepted by BIFR (Company letter dt. 25-2-91.)

19.

M/s Juggilal Kamlapat Cotton spinning and Waaving Mills co. Ltd., Post Box No. 25, Kamla Tower, Kanpur.

07

03

701
Rs. 29.05 lakhs

19
Rs. 3.17 lakhs

Rs. 32.22 lakhs

..

..

Applied to CLB for extension of time. (Company letter dt. 28-8-90.)

20.

M/s Khatau Makanji Spinning & Weaving Co. Ltd., Laxmi Building, 6, Shoorji Vallabh Dass Marg, For, Bombay.

24

..

..

..

..

..

..

The Company has paid interest of FDRs upto 31-12-90 (Company letter dt. 19-4-1991).

21.

M/s Machinery Manufacturing corpn. Ltd. MMC Euchoristic Congress Building No. 2,5, Lanvent Street, Bombay-39.

44

01

..

..

..

..

..

Government of India vide letter dt. 1-4-91 informed that the Company in under liquidation and creditors should appoach the official liquidator.

22.

M/s The Modern Mills Ltd., 29/101, K. Khadye Marg, Gadge Maharaj Chowk, Bombay-11.

1

28

..

..

Rs. 2.58 lakhs

..

..

IDBI has been appointed as operation agency for preparing a rehabilitation scheme for the (Co. letter dt. 20-5-91.)

23.

M/s Modi Industries, Modi Nagar (UP).

15

..

..

..

..

..

124
involving 211 deposits

CLB vide order dt. 9-1-91 directed the company to issue post dt. Cheque amounting to Rs. 1 crore for making payment to the depositors (Co. letter dt. 5-3-91).

24.

M/s New Gujarat Synthetics Ltd., Naroda Road Ahmendabad 3800025.

12

..

..

..

..

..

..

GOI vide letter dt. 15-4-91 informed that payment shall be made on pro rata basis and it is not possible to make any payment at this stage.

25.

M/s Nirlon Synthetic Fibres & Chemicals Ltd., Worli, Nirlon House, Bombay.

41

1

14323
Rs. 605.19 lakhs

300
Rs. 193.43 lakhs

Rs. 798.62 lakhs

..

..

The Commission advised the company to pay to 14323 small depositors vide letter dt. 24-3-91. But he Company expressed its inability to do so vide letter dt. 31-5-1991.

26.

M/s Orsons Electronic Ltd., 209/210 "ARCADIA" Back-bay Reclamation, Nariman Point, Bombay-21.

39

1

..

..

..

..

..

Company's case is pending with BIFR. Company has requested to bear with till the decision of BIFR Company's letter dt. 31-5-1991.

27.

M/s Ogale Glass Works Ltd., Ogalewadi, (District Satara) Maharashtra.

02

04

188

5

Rs. 6.30 lakhs

..

..

Final proceeding expected by BRIF shortly, (letter 23-2-91.)

28.

M/s Otoklin Plants & Equipments Ltd., Plot No. 1, Shah Indusries Area, Vira Desai Road, Andheri (W), Bombay-58.

08

..

710
Rs. 29.06 lakhs

2
Rs. 0.41 lakhs

Rs. 29.47 lakhs

..

2

Company vide letter dt. 24-4-91 has expressed its ability to repay FDRs in a short-while.

29.

M/s Palghar Rolling Mills Pvt. Ltd., Mitta Chambers, Nariman Point, Bombay.

02

..

175

Rs. 0.95 lakhs

Rs. 6.83 lakhs

..

8

The rehabilitation package has been approved by the Board of Directors, State Bank of India and Bank of Baroda, bu the banks have not yet releases the Funds. The company efforts are in advanced stage and shall start paying the deposits as soon as funds are released. (Co. letter dt. 8-4-91).

30.

M/s Paper & Pulp Conversion Ltd., 1183, Shivaji Nagar, Pune.

154

07

1175
Rs. 53.76 lakhs

40
Rs. 8.83 lakhs

Rs. 62.36 lakhs

2

2

Operation of the mills of the company is closed (Co. letter dt. 26-4-91).

31.

M/s Podar Mills Ltd., Podar Chambers, SA Brelvi Road, Fort Bombay-1.

14

..

104

42

Exceeds Rs. 1 cr.

2

20

Company in its letter dt. 27-4-91 intimated that the total amount of deposits together with interest exceeds
Rs. 1 crore. The Co. is not in a position to make payment.

32.

M/s Phoenix Mills Ltd., 462, Lower Parel, Bombay-13.

06

..

672
Rs, 23.95 lakhs

6
Rs. 3.10 lakhs

Rs. 27.05 lakhs

..

8

Made payment of deposits of Rs. 2000. Co. letters, dt. 23-7-90 & 3-6-91.

33.

M/s Raja Bahadur Motilal Poona Mills Ltd., Hama House, Ambalal Doshi Marg, Fort, Bombay-23.

15

01

421

25

Rs. 26.82 lakhs

..

..

Total amount including interest is Rs. 8 lakhs to 423 depositors and 26 depositors would be paid Rs. 1.10 lakhs on surrender of FDR. Co. letter dt. 3-8-91.

34.

M/s Shri Chamundi Mopeds Ltd., 15, Cotton complex, Residency Road, Bangalore-25.

16

..

..

..

..

..

..

BIFR has passed orders for winding up the company and necessary instructions have been sent to the High Court of Karnataka the depositors should approach the High Court and the official liquidator. (Co. letter dt. 17-6-91).

35.

M/s SLM Maniklal Industries Ltd., Vaswani Mansion, Bombay-20.

7

..

..

..

Rs, 102 lakhs

33

..

It is not possible to pay back deposits selectively Company shall continue to pay intt. As per scheme submitted to the BIFR. Co. letter dt. 4-8-90.

36.

M/s Standard Motor Products of India Ltd., 3, Murrays Gate Road, Madras-18.

01

..

2429
Rs. 109.13 lakhs

94
Rs. 25.28 lakhs

Rs. 134.41 lakhs

65

..

Deposits to be refunded after rehabilitation Scheme is formulated. Co. letter dt. 5-3-91.

37.

M/s Swastic Rubber Products Khadi, Pune-411003.

90

01

1582

24

..

37

9

With the consent of the depositors, the Co. has incorporated a scheme to repay deposits in 3 yearly equal instalments during 1989 to 1992. (co. letter dt. 18-2-91).

38.

M/s Shri Ambika Mills Ltd., Kankaria, Ahmedabad- 380 009

2

..

..

..

..

..

..

The company has been declared sick. A scheme for rehabilitation has been accepted by BIFR. The payment of deposits will be made before 31-3-1992 along with interest. (Co. letter dt. 12-6-91).

39.

M/s Vallabh Glass Works Ltd., Vithal Udyog Nagar, 388/121, Dist. Kheda, Gujrat.

13

01

6061

..

Rs,. 253.13 lakhs

..

..

The Company worked out a scheme requesting the repayment to small depositors up to Rs. 5000 who voluntarily waive the interest on humanitarian grounds. Many of the depositors responded and ind pursuance to this scheme company repaid 1641 depositors amounting to Rs 69.50 lakhs. The Company is expected to repay to 1600 depositors during 1991-92 amounting to Rs 70 lakhs. There were 6031 depositor, and amount involved was Rs. 252.27 lakhs.

40.

M/s Vanaz Engineering, Pvt. Ltd., 85/1, Paud Road, Pune-410029.

14

..

314 Rs. 12.61

14 Rs. 11.66

Rs. 24.27 lakhs

2

..

Total amount involved for repayment to the depositors including whose deposits have not matured is Rs. 38.40 lakhs and total depositors, are 480 vide company's letter dt. 20-4-1991.
Total No. of companies

401022

79

39.032
involving Rs. 16,36,55,577

708
involving Rs. 2,78,09,700

More than Rs. 19,14,65,277

271

69

Paid to 7589 depositors Rs. 252.76 lakhs and expected to pay 2809 depositors Rs. 206.12 lakhs.


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