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Tuesday, June 24, 2014
Court lifts freeze on Yash Birla accounts
[Editor: Today, since the opening, most of the Education Related Scrips area doing well: Educomp Education Ltd (Rs.5.45) is on the Upper Circuits at Rs.40.25, Everonn Education Ltd (Rs.56.15) is up 3.49%, Zee Learning is up 1.1%, MT Edcuare Ltd (Rs.110.90) is up 1.74%, Core Education Ltd (17.50) up more than 2%, and TREE HOUSE EDUCATION & ACCESSORIES LTD (Rs.324) is up 1.92%. Now keep an eye on this Yash Birla Group company, Birla Shloka Edutech Ltd (Rs.5.25)]
Jun 5, 2014: MPID special court approves plan to repay interest and principal amounts of fixed-deposit investors of Birla Power Solutions Ltd.
AMPID special court on Monday approved a repayment plan submitted by the Yash Birla Group for investors of Birla Power Solutions Limited, and directed the Economic Offences Wing of the Mumbai police to defreeze the company's bank accounts.
The order came in response to a petition filed by Yash Birla Group against freezing of bank accounts of BPSL and other sister concerns by EOW. Birla Group had submitted a repayment schedule to the MPID court, saying it was willing to repay interest and principal amounts to the investors of fixed deposits.
EOW had opposed the petition on the grounds that BPSL was being prosecuted under the Maharashtra Protection of Interest of Small Depositors Act (MPID Act) and the accounts were frozen to protect interests of small depositors. The Yash Birla Group had accepted fixed deposits from small investors for BPSL, and trouble began when the company failed to honour the repayment commitment last year. Some investors lodged complaints with EOW, leading to a case in which a former BPSL office bearer was arrested.
Besides bank accounts, EOW also sealed some properties of the Yash Birla Group in Mumbai.
On Monday, MPID judge S D Surana ordered defreezing of the group's bank accounts and gave directives on repayment to small investors. "This is the first breakthrough since the criminal case was registered last December, and depositors will benefit from the order. The order shows that the Yash Birla Group has intention to repay investors," Senior Counsel Niteen Pradhan, who represented Yash Birla Group, told Mumbai Mirror.
As per the order, the Yash Birla Group has been asked to issue interest and principal payment warrants to all investors who are due for repayment as of now. The group has also been asked to make immediate payments to all small investors whose fixed deposits will mature by July 31.
Accordingly, the group has already prepared warrants for repayment of Rs 15 crore, which will be immediately disbursed once the bank accounts are defrozen and the money withdrawn. The court has also asked the company to prepare new warrants of Rs 21 crore and Rs 9 crore to repay dues of all investors whose deposits will mature by July 31. The group has been directed to stick to its schedule of repayment from August onwards, sources said.
The court has directed the group to prepare a list of depositors to whom it will make repayments, and present it to the investigating officer of the EOW case for approval.
This order is a major relief for the Yash Birla Group, which found itself squeezed by the EOW freezing of accounts, the orders to repay issued by the Company Law Board, and the criminal prosecution by EOW.
Courtesy: Mumbai Mirror