M/S Punnorcode Kanaka Nidhi Limited vs The Union Of India
2024 Latest Caselaw 11551 Ker

Citation : 2024 Latest Caselaw 11551 Ker
Judgement Date : 23 April, 2024

Kerala High Court

M/S Punnorcode Kanaka Nidhi Limited vs The Union Of India on 23 April, 2024

Author: N. Nagaresh

Bench: N.Nagaresh

WP(C) No.16347/2024                        1/4                        Order Date : 23-04-2024

                        IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                        PRESENT
                          THE HONOURABLE MR.JUSTICE N.NAGARESH


                 Tuesday, the 23rd day of April 2024 / 3rd Vaisakha, 1946


                                 WP(C) NO. 16347 OF 2024

   PETITIONER:

          M/S PUNNORCODE KANAKA NIDHI LIMITED, KOCHUPURACKAL HOUSE,
          PUNNORCODE, PAZHAMTHOTTAM P O, ERNAKULAM, ERNAKULAM, KERALA, INDIA,
          REPRESENTED BY ITS DIRECTOR RAJALAKSHMI VELLAYIL, PIN - 683565

   RESPONDENTS:

      1. THE UNION OF INDIA, REPRESENTED BY THE SECRETARY, MINISTRY OF
         CORPORATE AFFAIRS, 'A' WING, SHASTRIBHAVAN,RAJENDRA PRASAD ROAD, NEW
         DELHI, PIN - 110001
      2. THE JOINT SECRETARY, MINISTRY OF CORPORATE AFFAIRS, 'A' WING,
         SHASTRIBHAVAN, RAJENDRA PRASAD ROAD, NEW DELHI, PIN - 110001
      3. THE ASSISTANT DIRECTOR MINISTRY OF CORPORATE AFFAIRS, VTH FLOOR, A-
         WING, SHASTRI BHAWAN, DR. RAJENDRA PRASAD ROAD, NEW DELHI, PIN -
         110001
      4. THE REGISTRAR OF COMPANIES, ERNAKULAM, COMPANY LAW BUILDING,
         KAKKANAD, COCHIN, PIN - 682021
      5. SECRETARY TO GOVERNMENT HOME DEPARTMENT, GOVERNMENT SECRETARIAT,
         THIRUVANANTHAPURAM, PIN - 695001


        Writ petition (civil) praying inter alia that in the circumstances
   stated in the affidavit filed along with the WP(C) the High Court be
   pleased to stay the operation of Exhibit P-8 and permit the petitioner to
   file its returns pending disposal of the writ petition.


        This petition coming on for orders upon perusing the petition and
   the affidavit filed in support of WP(C) and upon hearing the arguments of
   M/S.EBIN MATHEW, P.J.MATHEW & AKHILA SHOJI Advocates for the petitioner,
   the court passed the following:
 WP(C) No.16347/2024                          2/4                                 Order Date : 23-04-2024




                                     N. NAGARESH, J
                         ------------------------------------------------
                               W.P.(C).No.16347 of 2024
                      ------------------------------------------------------
                       Dated this the 23rd day of April, 2024


                                           ORDER

Admit. DSG-in-charge takes notice for respondent Nos.1 to 4.

Learned Government Pleader takes notice for the 5 th

respondent.

2. Following Ext.P10 interim order in W.P.(C) No.35406/2022,

there will be an interim order directing the respondents to

refrain from taking any coercive action against the petitioner

subject to the following conditions:

i.The petitioner, however, shall not enroll any new members beyond 10% of the existing membership.

ii.The petitioner as well as the members who enrolled will not be permitted to put forward any claim in equity during the final hearing of the writ petition.

iii.Any deposit accepted or loan granted to such new members shall be strictly following the safeguards provided in the Companies Act, 1956 WP(C) No.16347/2024 3/4 Order Date : 23-04-2024

and the Nidhi Rules, 2014, and it will be open to the respondents to take necessary action against the persons who violate any such provision.

iv.The petitioner shall also not create any charge on the assets or deposits of the members. The petitioner would be free to file return subject to the outcome of the writ petition.

v. It is made clear that this order will not preclude the petitioner from transferring the existing shares of the petitioner-company without raising the share capital beyond 10% of the existing share capital.

vi. If the petitioner complies with the above conditions, the conduct of petitioner's business shall not be disturbed on the strength of the amendment.

sd/-

N.NAGARESH JUDGE

AMV/23/04/2024 WP(C) No.16347/2024 4/4 Order Date : 23-04-2024

APPENDIX OF WP(C) 16347/2024 Exhibit P-1 A TRUE COPY OF THE CERTIFICATE OF INCORPORATION OF PETITIONER COMPANY DATED 28/06/2020 Exhibit P-2 A TRUE COPY OF THE MEMORANDUM OF ASSOCIATION OF THE PETITIONER COMPANY Exhibit P-3 A TRUE COPY OF THE ARTICLES OF ASSOCIATION OF THE PETITIONER COMPANY Exhibit P-4 A TRUE COPY OF THE MASTER DATA OF THE PETITIONER COMPANY PUBLISHED IN THE WEBSITE OF 3RD RESPONDENT Exhibit P-5 A TRUE COPY OF THE FORM NDH-4 SUBMITTED BY THE PETITIONER COMPANY DATED 26/08/2021 Exhibit p-6 A TRUE COPY OF THE EMAIL SENT BY THE 3RD RESPONDENT TO THE PETITIONER DATED 30/12/2021 Exhibit p-7 A TRUE COPY OF THE REPLY EMAIL SENT BY THE PETITIONER TO THE 3RD RESPONDENT DATED 14/01/2022(WITHOUT ANNEXURES) Exhibit p-8 A TRUE COPY OF THE ORDER DATED 10/04/2024ISSUED BY THE 3RD RESPONDENT Exhibit P-9 A TRUE COPY OF THE RECEIPT DATED 30/05/2023 FOR FILING FORM NDH-3 Exhibit P-10 A TRUE COPY OF THE INTERIM ORDER DATED 04/11/2022 IN WPC 35406 OF 2022 Exhibit P-11 A TRUE COPY OF THE JUDGMENT DATED 19/03/2024 IN WP(C)