M/s. Ramachandran Chemicals Pvt. Ltd., (for short 'the company') is a company incorporated under the Companies Act, 1956 (for short 'the Act'), having its registered office located at No. 42, Rajaji Road, Madras-1. Sri Jahanbus Harmushaw Tarapore, Sri Narayanswamy Srinivasan, Sri B. Sivanthi Adityan, Sri Narayanaswamy Ramachandra, Sri K. R. Ramabhadran and Sri K. Ramachandran are the directors of the said company.

2. Under R. 3-A of the Companies (Acceptance of Deposits) Rules 1975 (in short 'the Rules'), every Company shall before the 30th day of April of each year deposit or invest, as the case may be a sum which shall not be less than 10 per cent of the amount of its deposits maturing during the year ending on the 31st day of March next following in any one or more of the four methods of investments prescribed therein. The company was stated to have committed defaults in complying with the provisions of R. 3-A thereof in respect of deposits maturing during the years ending with the 31st day of March, 1979, 1980, 1981 and 1982. The Directors, who are, in terms of sub-section (30) of S. 2 of the Act, officers of the company, were stated to have committed such defaults