M/S.Integrated Finance Company Ltd., v. Integrated Finance Company Depositors Association, Rep.By Mr.Josey Oommen,
in C.P.No.172 of 2012 M.SUNDAR, J., This order will now dispose of the captioned application (Comp.A.No.189 of 2021).
2. Read this in conjunction with and in continuation of earlier proceedings made in the previous listing on 01.09.2022 which reads as follows:
'Read this in conjunction with and in continuation of earlier proceedings made in the previous listing on 13.07.2022 (in the captioned application), which reads as follows: Page Nos.1/10
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2. After multiple listings and proceedings thereafter, an affidavit dated 15.07.2022 sworn to by the Assistant General Manager of the Stressed Assets Management Branch of State Bank of India, Chennai has been placed before this Court and a scanned reproduction of the same together with docket are as follows:
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3. Adverting to the aforementioned 13.07.2022 proceedings and affidavit of SBI dated 15.07.2022, Mr.B.Raghavulu Naidu, learned counsel for State Bank of India, Mr.M.S.Seshadri, learned counsel representing IFCL and Mr.K.N.Arun Prasad, learned counsel representing Mr.T.Gowthaman for Depositors Association submit in one voice that Rs.2 Crores OTS qua SBI as captured in 13.07.2022 proceedings (paragraph 3 of the affidavit scanned and reproduced thereat) can be concluded by 10.09.2022.
4. Independent of the aforementioned OTS, as regards return of SLR deposits of IFCL lying with SBI (captured in Paragraph 3 of 13.07.2022 proceedings), there is no disputation that the principal sum of the 9 deposits put together is Rs.1,75, 41,815/- [Rupees One Crore Seventy Five Lakhs Forty One Thosand Eight Hundred and Fifteen only]. As regards the interest component, there is no disputation or disagreement before this Court today that the 'Tax Deducted at Source' [TDS] under the Income Tax Act, 1961 for the financial year ending 31.03.2022 has already been deducted by SBI and it has also been paid by SBI to Income Tax Department. This is reflected in the official portal of Income Tax Department is the common say of all concerned. Now SBI shall pay out the aforementioned principal sum qua 9 SLR deposits on or before 12.09.2022 by depositing the same in the account maintained by IFCL in Current Account No.6290201235, Indian Bank, High Court Branch and while Page Nos.8/10
making such payment SBI shall ensure that TDS on the interest component qua 9 deposits will now be deducted only for the period from 01.04.2022 to the date of actual transfer or 12.09.2022 whichever is earlier. For the purpose of paying out two crores OTS, Ms.A.Hema Jothi is authorized to operate this Indian Bank account. This authorisation is in the light of earlier proceedings dated 20.11.2014 made by Hon'ble predecessor Judge [Hon'ble Mr.Justice V.Ramasubramanian as a single Judge as His Lordship then was] in Comp.A.No.1092 of 2014.
5. Both sides shall report compliance in the next listing. List on 13.09.2022.'
3. Adverting to the aforementioned earlier proceedings, more particularly, paragraph Nos.3 and 4 thereat, Mr.B.Raghavulu Naidu, learned counsel for State Bank of India, Mr.M.S.Seshadri, learned counsel representing IFCL and Mr.B.Pachaiyappan, learned counsel representing Mr.T.Gowthaan for Depositors Association submit that the directives in the aforementioned paragraph Nos.3 and 4 have been duly complied with.
M.SUNDAR, J., Page Nos.9/10
mk
4. Recording the stated position of the parties, captioned application is disposed of as closed.
5. This Court also deems it appropriate to place on record its appreciation for the fair stand taken by Mr.B.Raghavulu Naidu, learned counsel for State Bank of India and State Bank of India. There shall be no order as to costs.
29.09.2022 (1/2) mk in C.P.No.172 of 2012 Page Nos.10/10