{"id":39384,"date":"2015-10-11T11:10:16","date_gmt":"2015-10-11T11:10:16","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=39384"},"modified":"2015-10-11T11:10:16","modified_gmt":"2015-10-11T11:10:16","slug":"investors-cant-be-made-to-wait-indefinitely-for-deposits-hc","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/investors-cant-be-made-to-wait-indefinitely-for-deposits-hc","title":{"rendered":"Investors can&#8217;t be made to wait indefinitely for deposits: HC"},"content":{"rendered":"<figure id=\"attachment_37772\" aria-describedby=\"caption-attachment-37772\" style=\"width: 228px\" class=\"wp-caption alignright\"><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/sitamarhi.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"37772\" data-permalink=\"https:\/\/www.legalindia.com\/news\/court-awards-10-year-jail-to-bjp-mla-two-former-mps\/sitamarhi\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/sitamarhi.jpg?fit=228%2C160&amp;ssl=1\" data-orig-size=\"228,160\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"sitamarhi\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/sitamarhi.jpg?fit=228%2C160&amp;ssl=1\" class=\"wp-image-37772 size-full\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/sitamarhi.jpg?resize=228%2C160&#038;ssl=1\" alt=\"Investors can't be made to wait indefinitely for deposits: HC\" width=\"228\" height=\"160\" \/><\/a><figcaption id=\"caption-attachment-37772\" class=\"wp-caption-text\">Investors can&#8217;t be made to wait indefinitely for deposits: HC<\/figcaption><\/figure>\n<p>Observing that investors who have put in their life savings in a company cannot be made to wait indefinitely to get their deposits, the Bombay High Court has refused to grant extension to Elder Pharmaceuticals Ltd to repay money to the tune of Rs 155 crore to various investors.<\/p>\n<p>Justice S C Gupte last week rejected an appeal filed by the company challenging an order passed by the\u00a0Company Law Board (CLB) refusing to grant further time to repay the deposits.<\/p>\n<p>Elder Pharmaceuticals sought further time on the ground that it had opened talks with financiers to infuse fresh equity of Rs 170 crore into the ailing company.<\/p>\n<p>Justice Gupte noted that while the company has been talking of this new deal for a long time, it will not help it pay the deposit holders because of an existing commitment to pay a clutch of debenture holders Rs 263 crore first.<\/p>\n<p>&#8220;Many of the depositors are small-time investors and individuals who have invested their life&#8217;s savings in the company to fund their retirements as children&#8217;s education. These investors cannot be asked to wait indefinitely till the company executes an agreement with a financier and the financier, in turn, brings in the finance.&#8221; the court said.<\/p>\n<p>HC also admitted 24 winding up petitions against the company, run by TV actor Anuj Saxena, who is the COO, and his brother Alok, who is the firm&#8217;s CEO.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Observing that investors who have put in their life savings in a company cannot be made to wait indefinitely to get their deposits, the Bombay High Court has refused to grant extension to Elder Pharmaceuticals Ltd to repay money to the tune of Rs 155 crore to various investors. Justice S C Gupte last week [&hellip;]<\/p>\n","protected":false},"author":38299,"featured_media":37805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[146,255,31987,34134,117,80],"class_list":["post-39384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-court","tag-delhi-high-court","tag-featured","tag-investors-cant-be-made-to-wait-indefinitely-for-deposits-hc","tag-law","tag-legal-news"],"yoast_head":"<!-- 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Passing the order on a PIL filed by investors, a division bench of Chief Justice Manjula Chellur and Justice\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Calcutta HC forms one-man committee to pay MPS Group depositors","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/cullcutta-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":33949,"url":"https:\/\/www.legalindia.com\/news\/mcx-promoter-jignesh-shah-files-fresh-bail-plea-hc","url_meta":{"origin":39384,"position":2},"title":"MCX promoter Jignesh Shah files fresh bail plea in HC","author":"Legal India Admin","date":"June 30, 2014","format":false,"excerpt":"MCX promoter Jignesh Shah, held in the Rs 5,000 crore NSEL scam, has filed a petition in the Bombay High Court challenging an order of a special court refusing to grant him bail. The designated judge of Maharashtra Prevention of Investors Deposits Act Court D P Surana, had on June\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"vvv","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2014\/06\/vvv.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":45362,"url":"https:\/\/www.legalindia.com\/news\/man-gets-2-year-jail-cheating-people-ponzi-schemes","url_meta":{"origin":39384,"position":3},"title":"Man gets 2-year jail for cheating people through ponzi schemes","author":"Legal India News","date":"October 19, 2016","format":false,"excerpt":"A local court has sentenced a man from Navi Mumbai to two years simple imprisonment for duping people through 'ponzi' schemes promising to double investors' money in a short time. Special Judge V V Bambarde found Gurmitsingh Kundansingh Bhatti guilty under section 3 of the Maharashtra Protection of Interests of\u2026","rel":"","context":"In &quot;Criminal Law News&quot;","block_context":{"text":"Criminal Law News","link":"https:\/\/www.legalindia.com\/news\/category\/criminal-law-news"},"img":{"alt_text":"Man gets 2-year jail for cheating people through ponzi schemes","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/07\/arest.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":33800,"url":"https:\/\/www.legalindia.com\/news\/hc-notice-adani-collecting-deposits","url_meta":{"origin":39384,"position":4},"title":"HC notice to Adani for collecting deposits","author":"Legal India Admin","date":"June 20, 2014","format":false,"excerpt":"Admitting a public interest litigation (PIL) alleging charging of unauthorised deposits from consumers with domestic PNG connection, the Gujarat High Court issued notices to Adani Gas Ltd and Petroleum and Natural Gas Regulatory Board here today. A two-judge bench, comprising Chief Justice Bhaskar Bhattacharya and Justice J B Pardiwala, issued\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Adani","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2014\/06\/Adani.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":20186,"url":"https:\/\/www.legalindia.com\/news\/ask-nris-to-increase-remittances-assocham","url_meta":{"origin":39384,"position":5},"title":"Ask NRIs to increase remittances: Assocham","author":"Legal India Admin","date":"May 13, 2012","format":false,"excerpt":"Increasing internal demand and motivating expatriates to send home more remittances may solve the Indian economy's problems due to a depreciating rupee, an industry lobby said Sunday. \"At present, NRI deposits are between $52 and $55 billion, which needs to be pushed up to an ambitious level of $75-80 billion,\"\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-afe","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/39384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/38299"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=39384"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/39384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/37805"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=39384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=39384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=39384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}