RESERVE BANK OF INDIA Vs. LALBHAI FINANCE LTD.

JUDGEMENT

(1.) HEARD Ms. Soparkar with Mr. S. N. Soparkar learned counsel for the petitioner, Mr. A.C. Gandhi, learned counsel for Indus Bank, and Mr. Sudhir M. Mehta learned counsel for the respondent -company.

(2.) MS . Soparkar learned counsel for the petitioner has placed on record the letter dated September 19, 2001 addressed to the petitioner by Dena Bank, one of the secured creditors of the respondent -company stating that the dues of the bank are to the tune of Rs. 2,40,48,436.98 and the bank has filed the suit , against the respondent -company in the Debt Recovery Tribunal at Ahmeda -bad. The said letter is kept on record.

(3.) THAT the respondent -company is a non -banking financial institution and bound by the provisions of the directions issued from time to time. That the respondent -company in the name and style of Lalbhai Finance and Trading Ltd. has been registered with the Registrar of Companies, Ahmedabad, and subsequently, changed to Lalbhai Finance Ltd. and, therefore, the certificate of incorporation consequent to the change of the name was issued by the Registrar of Companies, Gujarat. That the respondent -company is conducting the business of non -banking financial institution as an invest company.