C.K.SREENATHAN Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) This application is filed in Company Petition No. 199 of 2011. The company petition is filed by the Reserve Bank of India (RBI) against the petitioner under Section 45MC of the Reserve Bank of India Act, 1934 read with Section 433 of the Companies Act, 1956 whereby the RBI seeks winding up of the respondent-Company. The respondent-company was incorporated on 1st February, 1985. It is a non-banking financial company as defined under Section 45I(f) of the Reserve Bank of India Act, 1934 having the main objective as mentioned in paragraph 5 of the company petition and bound by the directions issued by the Reserve Bank of India as amended from time to time.

(2.) The respondent-company was carrying on the business of non-banking financial institution after obtaining certificate of registration from the RBI under Chapter III-B of the said Act. This Court vide order dated 13-1-2012 has appointed an Official Liquidator of this Court as provisional liquidator who has taken charge of the assets and properties of the respondent-company along with books of accounts and other records.

(3.) There does not appear to be any dispute that the respondent-Company was also having safe deposit lockers and that they were allotted to their customers including the applicant-Sri C.K. Sreenathan. The applicant is having two safe deposit lockers bearing Nos. 140 and 248 jointly with his wife Smt. Srilatha Sreenathan since over 20 years. The applicant states that in the locker they have deposited their valuables, silver/gold articles and jewellary. The applicant claims that all the articles in the lockers are their personal property acquired through inheritance and also by way of subsequent acquisition over the years. The applicant also states on affidavit that the respondent-Company has no concern with the articles lying in their lockers except the fact that the lockers belong to the company and they were allotted to the applicant and his wife, being its customers and that they have been paying rent for the same.