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Judgment
The petition filed on 07.09.2018 is listed for hearing for the first time today before the Court.
Heard learned counsel for the petitioners and learned counsel for the respondents.
Petitioners have prayed for the following relief/s:
“(i) That the petitioners pray to the Hon’ble High Court to direct respondents to release / refund Public Money which has been taken /
deposited in various scheme under Respondent Company (Alchemist Group of Company) as per guarantee / insurance given through their respective
maturity as same will be refunded which has already been expired.
(ii) For that to protect Public savings in the hands of a corporate body in exercise of power conferred by Section 58A of the Companies Act, 1956 and
the Central Government made the company (Acceptance of deposits) Rule 1975 imposing inter alia restrictions on interest rate and on borrowing
above 25% of net worth of company from public deposits.
(iii) For that petitioners further pray to protect the public money in hands of corporate company by adopting 117A, 117B and 117C Section of
Company Act, 1956 and for that Parliament has made/imposed certain restrictions in the matter of securing deposits by issuance of debentures.â€
After the matter was heard for some time, learned counsel for the petitioners submits that petitioners shall be content if a direction is issued to the
concerned respondents to consider and decide the representation, which the petitioners shall be making afresh within a period of four weeks from
today.
Learned counsel for the State states that upon receipt of such request, if any, the same shall be dealt with in accordance with law, expeditiously and
positively within a period of three months from the date of receipt thereof.
Equally, liberty is reserved to the petitioners to take recourse to such alternative remedies as are otherwise available in accordance with law.
We are hopeful that as and when petitioners take recourse to such remedies, as are otherwise available in law, before the appropriate forum, the same
shall be dealt with, in accordance with law and with reasonable dispatch.
The petition stands disposed of in the aforesaid terms.