Divya Vasundhara Financiers
Pvt Ltd , which is a private limited company, was floated with fixed capital of
Rs 1 lakh divided into 1,000 ordinary shares of Rs 100 each. Its object was to
promote a scheme of chief fund and savings, amongst others. It appears that the
company had accepted deposits from the public under different schemes. The
company gave advances against industrial and residential properties. After some
time, the company ran into difficulties somewhere in April, 1977. At that time,
the public deposits of the company were more than Rs 6,50,000 as stated in
Company Petition No 18 of 1978 which was moved in this court for sanctioning a
scheme of compromise or arrangement. As the company was in financial
difficulties, the aforesaid scheme of arrangement and compromise was moved
under section
391 of the Companies
Act. It was registered as Company 1978. In that company, after hearing learned
counsel for the concerned creditors, the scheme was permitted to be put to vote
by different classes of creditors and ultimately, this court (coram : B K Mehta
J) sanctioned the said scheme of compromise and arrangement by its order 1979. Company Application No 179 of 1977 was
moved by the said company and its chairman and managing director, Shri
Keshavlal Dhoribhai Patel, requesting this court to stay commencement or
continuation of any suit or proceedings against the company and/or its
directors in connection with the affairs of the company on such terms as the
court ultimately thought it fit to impose.
The present company
application has been moved by the applicants who are the directors of Divya
Vasundhara Financiers P Ltd to stay further proceedings in Criminal Case of 1982 as filed a charge-sheet was filed
against the applicants in the Metropolitan Magistrate's court at Bombay. The
charge-sheet is filed under section 420, Indian Penal
Code, on the ground that
the first opponent was cheated by the applicant-directors of the company and
that he was duped to part with his money. The application is filed against
opponent No 1 who is the original complainant in the said criminal case and
also. Against opponent No 2 which is the court committee appointed by this
court in the case of Divya Vasundhara Financiers Private Limited, Ahmedabad.
The Court decided
that in the first instance,
the present stay in a modified form shall operate for 2 years further, i.e., up
to September 30, 1989. If, by that time, the scheme proceedings are not finalised
by this court, it will be open to the applicants to move this court for
extention of stay for a further suitable period. Such application, when moved,
will be decided on merits after hearing the concerned parties. There will be no
order as to costs in this application. At the request of Mr. Soparkar, for the
applicants, the operation of this order is stayed for four weeks from today to
enable him to file an appeal against this order.
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