Bivas Pattanayak, J. :-
1. This is a suit for declaration and a decree for a sum of Rs.14,01,732/-
of the plaintiff against the defendant along with other reliefs.
2. The plaintiff’s case, in brief, is as follows:
(i) The plaintiff is an existing company within the meaning of the
Companies Act, 1956 having its registered office at Peerless Bhavan
No.3, Esplanade East, Kolkata-700069 and regional and branch
offices in several parts situated at Kancharia Towers, 1-7-143/143A,
Golkonda ‘X’ Roads, Mursheerabad, Hyderabad.
(ii) The business of the plaintiff-company comprises of offering
various small savings schemes to the public at large. Under the
schemes, the subscribers have to pay in lump sum or in installments
to the plaintiff-company over a contractually stipulated period of time
and the subscribers would get back deposited amount along with
guaranteed accretions/bonus as per contract at the end of a
contractually stipulated term. The plaintiff is a residuary non-banking
company in terms of the Residuary Non-Banking Companies (Reserve
Bank) Directions, 1987.
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