IN THE HIGH COURT OF KARNATAKA AT BANGALORE
DATED THIS THE 20?" DAY OF JANUARY. 2_e.1;0.[_*~._v
BEFORE
THE HON'BLE MR. JUSTICE M0.EiAN~ "
COMPANY APPLICATION:'NO;"9".?:"7 OE EOOS
IN COMPANY APPLICATION NO".-.728 (g§g"A'2009--.
IN CO.P.NO._S..OF 199*: S * A. H
BETWEEN:
OFFICIAL LIQUIDATOROF _ ;
M /S H.K.DATAREX PRIVATE LIMITED._ 'V
[IN LIQUIDATION} -_ CV
ATTACHED TO. HIGH COURT..OEKARNAT;AKA
CORPORATE BHA:VAVN,_ _ '
NOS.26--27,;1'2'¥'I:.I_:«*-LC1QR;._;.__ _
RAHEJA TOwE:1RS;, M.'G.ROA_O "
BANGALO'RE_5:SO om ...APPLICANT
[BY SR11"'OEEPAK'e§{jSté1»\fJAYARAM. ADVS]
AND:
V. M/SSTA?' TRBANAK' ORINDIA
STRESSED ASSETS MANAGEMENT
GR'O~UI'*BR/--'{NC'I=I_, 4TH FLOOR.
SRESIOCENCY PI;A.3A
No.6}. RES'1jD1?;-NCY ROAD
RE1JR1:S_,ENTE;D BY ITS
; CHIEHVIANAOER ...RESPONDENT
1′ ” ‘ f{B”1″ SR1. ABDUL KHADER. ADV.)
THIS APPLICATION 18 FILED UNDER RULES 6 8: 9 OF
THIS COMPANIES {COURT} RULES. 1959 PRAYING TO
iii
MODIFY THE ORDER DATED 28.10.2009 PASSED BY THIS
HONBLE COURT IN C.A.NO.728/2008 AND ETC. ”
THIS APPLICATION COMING ON FOR oabfiiés-.5″rjT1%zs
DAY TH E COURT MADE THE FOLLOWING:
This application by the
modify the order dt. 28.l.Cr}2.Q090″in_0CA
permit him to retain the respective
Banks, until claims ., pp 0 it
2. This Court, by the State
Bank of 0l;iq:uidat.or to release.
in erores. while declining the
said relliefp off the application by order
lO.20G9V_0_pern1itting deposit of the entire amount
.0 I’€f;1ll3€0Cl.A’l)_§.{A”W&1y of sale of assets in a term deposit with
oflndia initially for a period of one year at
‘possible interest rate and a further direction to
expedite the matter under Rule 148 inviting claims by
‘Official Liquidator.
3
3. According to the Official Liquidator, the rate of
interest of 5% pa. offered by the State Bank of India for
a deposit. of Rs. Four crores, is grossly insufficient.fsiricpe
Indian Bank, Contonment Branch, Bangaiore
interest at the rate of 7% p.a:i~”o’n-.de};’)os_if
crores, while Punjab NationaiiA:’AE_3a*nlz{,
Branch, is paying interest at”–gf’i{3,tO 6.5%
in deposit.
4. Sri.Abdui Khadef, iearr1edd_ic-5_;;:isie1 for the State
Bank of India itisiéfoifficipaffbanking business
permits intelfest’a_.t”€h’e’»ra’te ‘of 5% p.a. on fixed deposit of
more than.__Rs,v O’ne4Vcrore.’e»and for less than Rs. One crore
at .»5f-€250/ii p.a. Vandflnothing more, in terms of a Circular.
A 5: Apparently the State Bank of India does not pay
interestaft-.a;=Vcompet.itiVe rate, on a fixed deposits in
corriparison with Indian Bank or the Punjab National
if Batik. in that View of the matter. deposit of the amount
.’ in State Bank of India does not ensure the best possible
515%
4
interest rate and hence the application deserves to be
allowed.
8. In the circumstances, the Official _
permitted to retain the fixed deposits Bya11e:R”‘V it
and Punjab National Bank until afe
which in any event shou1d_n..ot be’vbleyondillhsviiurnonths2it’
from today.
In the result’;’–..V:~A’ is ordered
accordingly and :’=2t3.lO.2009 in
c .A. No”.’72ie ,*.é;fQ0é:i§’ta modifie a.
Sd/-
I