KOTAK MAHINDRA BANK Vs. R.SUBRAMANIAN

JUDGEMENT

(1.) The Petitioner in Crl.O.P. Nos. 23732 to 23737 of 2012 is the Accused No. 1 in C.C. Nos. 191, 194, 195, 196, 197, 198 of 2012, petitioner in Crl.O.P. Nos. 23905 to 23910 of 2012 is the Accused No. 2 in C.C. Nos. 192, 194, 195, 196, 197, 198 of 2012, petitioner in Crl.O.P. No. 23787/2012 is the Accused No. 2 in C.C. No. 189 of 2012 and petitioner in Crl.O.P. No. 23788 of 2012 is the Accused No. 1 in C.C. No. 189 of 2012, petitioners in Crl.O.P. Nos. 23916, 27936 and 28084/2012 are the Accused in C.C. No. 190 of 2012 and Accused No. 1 in C.C. Nos. 191 and 193 of 2012, petitioner in Crl.O.P. No. 27137 to 27139/2012 is the Accused No. 2 in C.C. Nos. 191 and 193 of 2012, and Accused in C.C. No. 199 of 2012, and petitioner in Crl.O.P. No. 27961/2012 is the Accused No. 1 in C.C. No. 200 of 2012 on the file of the Additional Chief Metropolitan Magistrate, EOW-1, Egmore, Chennai. Petitioner viz., Kotak Mahindra Bank Ltd., is a Scheduled Bank and is carrying on business as a Bank having been granted a Banking License by the Reserve Bank of India and has established several branches all over the country. The Respondent is the Managing Director of a Company, M/s. Subhiksha Trading Services Ltd., (hereinafter termed as "the Company"). The said company was incorporated as a private Limited Company on 10.04.1997. It later became a public limited Company on 30.03.2005. The Company was involved in the business of Retail Trade and in the course of business established as many as 1000 retail outlets all over India. The Company had availed of credit facilities from the petitioner and several other 13 Banks. The total outstanding to Banks as of March 2009 itself was to the tune of over 800 Crores, Under the terms of the facilities, the Company drew down at various points up to the maximum limit of Rs. 50 Crores. The company has repaid a sum of Rs. 15 Crores to the petitioner. However, failed to pay the balance of Rs. 35 Crores along with interest accrued thereon, to the tune of Rs. 38,66,88,190.87 as on 17.01.2009 which still remain outstanding. As per the terms of the sanction the company was to route a minimum amount of Rs. 20 Crores per month through the cash credit account maintained with the petitioner. The company has neglected and ignored the demands of the petitioner despite several demands and reminders sent by the petitioner and did not even pay the interest. As on 17.01.2009 a sum of Rs. 38,66,88,190.87 was due and payable jointly and severally by the company and its managing director R. Subramanian together with additional interest at the rate of 2% per month at monthly rests from 16.01.2009.

(2.) The petitioner viz., Kotak Mahindra Bank Ltd., filed CP No. 68 of 2009 and HCL Infosys Ltd., filed CP No. 26/2009 and various other creditors filed petitions before the Company Court for winding up of the company viz., Subhiksha Trading Services Limited both for being unable to pay its debts and this Court vide order dated 31.03.2009 passed an ex parte order appointing a Provisional Liquidator and directed the advertisement of the petition. Immediately, the company filed appeals in OSA Nos. 84 & 93 of 2009 in which the Division Bench of this Court passed an order of stay of appointment of Provisional Liquidator on certain conditions. In the meanwhile the company had proposed a Scheme of Amalgamation with one Blue Green Constructions & Investments Limited. In which the petitioner had filed its objections to the scheme of Amalgamation on the ground that the same was a fraudulent scheme. The Amalgamation Scheme in C.P. Nos. 239 and 240 of 2008 was dismissed by this Court by a detailed order dated 25.10.2010. Against the said order M/s. Blue Green Construction and Investment Ltd. and Subhiksha Trading Services Limited filed appeals in OSA Nos. 18 and 53 of 2011 and the same are pending. The company once again filed C.A. Nos. 132 and 133 of 2012 seeking permission to file a complaint under Section 195 of IPC in respect of the offences of the petitioner of giving false evidence and for such other reliefs.

(3.) Thereafter, Mr. Subramanian, is the Managing Director of M/s. Subbiksha Trading Services Ltd., (hereinafter referred to as 'STSL') has filed the above private complaints under Section 200 Cr.P.C. on the file of the Additional Chief Metropolitan Magistrate, EOW-1, Egmore, Chennai, against the petitioners/accused and the said complaints have been taken on file in C.C. Nos. 189, 190, 191, 192, 193, 194, 195, 196, 197, 198, 199 and 200 of 2012 for the offence under Section 629 of the Companies Act, 1956.