Kerala High Court
Dream Value Nidhi Co. Ltd vs Union Of India on 10 May, 2024
Author: Murali Purushothaman
Bench: Murali Purushothaman
WP(C) No.17493/2024 1/4 Order Date : 10-05-2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
Friday, the 10th day of May 2024 / 20th Vaisakha, 1946
WP(C) NO. 17493 OF 2024
PETITIONER:
DREAM VALUE NIDHI CO. LTD. BUILDING NO.6/204D, PANCHAYAT SHOPPING
COMPLEX, NELLAD P.O., MUVATTUPUZHA, ERNAKULAM DIST. - 686 669,
REPRESENTED BY ITS MANAGING DIRECTOR, V.P. PAULOSE, AGED 69 YEARS,
S/O. V.V. PAULOSE, RESIDING AT VARIKLAYIL HOUSE, PUNNOPADDY,
MUDAVOOR P.O., ERNAKULAM DISTRICT ., PIN - 686669
RESPONDENTS:
1. UNION OF INDIA REPRESENTED BY THE SECRETARY, MINISTRY OF CORPORATE
AFFAIRS, 5THFLOOR, A WING, SHASTRI BHAVAN, RAJENDRA PRASAD ROAD NEW
DELHI, PIN - 110001
2. JOINT SECRETARY MINISTRY OF CORPORATE AFFAIRS, A WING, SHASTRI
BHAVAN, RAJENDRA PRASAD ROAD, NEW DELHI, PIN - 110001
3. THE REGIONAL DIRECTOR SOUTHERN REGION, MINISTRY OF CORPORATE
AFFAIRS, SHASTRI BHAVAN, BLOCK 1, VTH FLOOR, 26, HADDOWS ROAD,
CHENNAI, PIN - 110001
4. REGISTRAR OF COMPANIES, ERNAKULAM COMPANY LAW BHAWAN, BMC ROAD,
THRIKKAKARA KOCHI, PIN - 682021
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 all further proceedings pursuant to Ext.P5 including any
coercive action taken pursuant to Ext.P5 till the 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
ADV. SRI. K.SANDESH RAJA for the petitioner, the court passed the
following:
WP(C) No.17493/2024 2/4 Order Date : 10-05-2024
MURALI PURUSHOTHAMAN, J.
---------------------------------------------
W.P. (C) No.17493 of 2024
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Dated this the 10th day of May, 2024
ORDER
Admit.
2. The learned CGC takes notice for the respondents
1 to 3. The learned Government Pleader takes notice for
the 4th respondent.
3. Having regard to the interim orders passed by this
Court in identical writ petitions, there will be an interim
order directing the respondents to refrain from taking any
coercive action against the petitioner, subject to the
following conditions:
The petitioner shall not enroll any new members
beyond 10% of the existing membership. The
petitioner as well as the members who are enrolled
will not be permitted to put forward any claim in
equity during the final hearing of the writ petition. Any
deposit accepted or loan granted to such new
members shall be in strict compliance of the
safeguards provided in the Companies Act, 1956 and
WP(C) No.17493/2024 3/4 Order Date : 10-05-2024
the Nidhi Rules, 2014. It will be open to the
respondents to take necessary action against the
persons who violate any of the provisions. The
petitioner shall also not create any charge on the
assets or deposits of the members. The petitioner
would be free to file returns subject to the outcome of
the writ petition. 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.
Post along with W.P(C) No.15902 of 2024.
Sd/-
MURALI PURUSHOTHAMAN
JUDGE
SPR
WP(C) No.17493/2024 4/4 Order Date : 10-05-2024
APPENDIX OF WP(C) 17493/2024
Exhibit P1 TRUE COPY OF THE CERTIFICATE OF INCORPORATION OF THE
PETITIONER COMPANY DATED 20/08/2020
Exhibit P2 TRUE COPY OF THE NIDHI RULES 2014 DATED 31.03.2014
Exhibit P3 TRUE COPY OF THE AMENDED NIDHI RULES, 2019 DATED
01.07.2019
Exhibit P4 TRUE COPY OF THE FORM NDH-4 APPLICATION DATED
12/10/2021
Exhibit P5 TRUE COPY OF THE ORDER DATED 19/4/2024 ISSUED BY THE
ASSISTANT DIRECTOR OF THE 1ST RESPONDENT
Exhibit P6 TRUE COPY OF THE INTERIM ORDER DATED 26/09/2023 IN
W.P.[C] NO.31538/2023 OF THE HON'BLE HIGH COURT OF
KERALA
Exhibit P7 TRUE COPY OF THE JUDGMENT IN W.P.[C] NO.31538/2023
DATED 19/3/2024 OF THE HON'BLE HIGH COURT OF KERALA
