JUDGMENT :

N.J. Jamadar, J.

A question of seminal importance is raised in this petition under Article 226 of Constitution of India and section 482 of the Code of Criminal Procedure,1973, namely, whether the inter-corporate deposit/loan, i.e., a loan advanced / deposit made by a company with another company registered under the provisions of the Companies Act,1956 would amount to a "deposit" within the meaning and for the purpose of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act,1999 (Act No.XVI,2000) (hereinafter referred to as 'the MPID Act').

2. The aforesaid question crops up for consideration in the backdrop of the following facts and the challenge raised in the petition :-

(a) Birla Power Solutions Ltd. is a public listed company, registered under the Companies Act,1956. It was initially registered as 'Birla Yamaha Ltd.'. During the period 2009 to 2013, the company had accepted the deposits; including a deposit of Rs.1 crore from Shri Hajarimal Somani Memorial Trust, on 9th March 2012 to be repaid along with interest @ 10.75 % per annum.