The company had accepted fixed deposits from 27,498 depositors aggregating to Rs. 171.28 crores. Over the years, the company repaid an aggregate principal amount of Rs. 145.80 crore to its depositors, leaving a balance amount of Rs. 25.48 crore. The company deposited this entire balance amount in a designated Fixed Deposit Repayment Account with HDFC Bank.

The petition was filed on December 3, 2025, seeking relief under Section 74 of the Companies Act, 2013 regarding repayment of fixed deposits. The matter was heard on June 5, 2026, and the order was uploaded on the NCLT portal on June 12, 2026.

The Hon'ble Tribunal granted the following relief:

  • Condoned the delay in repayment of public deposits by the company
  • Directed the company to deposit the outstanding amount payable to depositors together with accrued interest into the Investor Education and Protection Fund (IEPF) Deposit Account maintained by the Government of India on or before July 15, 2026
  • Directed the company to publish notices in English and vernacular newspapers by July 31, 2026 informing unpaid depositors about the process for filing claims in accordance with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016

As of the disclosure date, the company has made payments of Rs. 168.76 crores and is awaiting duly discharged fixed deposit receipts and updated bank account details from remaining 542 deposit holders in respect of deposits aggregating to Rs. 2.52 crores to make the final payments.

The company cited its status as a "relief undertaking" declared by the Government of Maharashtra under the Maharashtra Relief Undertakings (Special Provisions) Act, 1958, with the latest notification issued on December 22, 2025, extending relief until December 21, 2026. This status suspends certain liabilities during the relief period.

The order was based on the company's financial condition and the certification by M/s S K Kotalwar & Co. Chartered Accountants that the balance of deposits payments to depositors amounted to Rs. 3.25 crores as of March 31, 2026, with Rs. 3.92 crores lying in the HDFC Bank account for repayment.

The petition has been allowed and disposed of by the NCLT Mumbai Bench consisting of Hon'ble Member (Technical) Prabhat Kumar and Hon'ble Member (Judicial) Sushil Mahadeorao Kochey.