The main legal point established in the judgment is the interpretation of the provisions of Section 58(f) of the Transfer of Property Act, the intention to create a mortgage by deposit of title deeds, and the rights of the parties involved, along with the principles of general lien under Section 171 of the Contract Act.

D. Murugesan, J.

As the issues raised for consideration in all the appeals are common, they are taken up together and disposed of by this order. For convenience, we refer to the facts as put forth by the appellants in O.S.A.Nos.130 to 132 of 2008 in their Company Applications.

2. In a pending Company Petition No.230 of 2004, the appellants in O.S.A.Nos.130 to 132 of 2008 filed three Company Applications in C.A.Nos.1191 to 1193 of 2007 seeking for return of the title deeds morefully described and pertaining to the schedule properties owned by the appellants to an extent of 16.97 acres, 7.14 acres and 20.42 acres respectively in various Survey Numbers in Begapalli Villge, Hosur Taluk, Dharmapuri District and lying within the limits of Begapalli Panchayat and Hosur Panchayat Union, which were pledged by one Mr.Jamsheed M.Panday, Chairman of Zen Global Finance Limited and who happened to be the friend of Mr.S.R.Eshwaran, the Director of the appellants- companies.

3. On 23. 98, by separate Board Resolutions, the said Jamsheed M.Pandy was authorised and we refer to one such resolution passed by the Board of M/s Vipanchi Investments Private Limited in respect of the property to an extent of 16.97 acres, which reads as follows:

"Resolved that Sri Jamsheed M.Panday, Chairman of M/s Zen Global Finance Limited be and is hereby authorised to pledge the documents of 16.97 Acres of the landed property of the company situated at Begapalli Village, Hosur as collateral security in favour of M/s R.B.F.Nidhi Ltd., in connection with raising of funds for M/s Zen Global Finance Limited and to sign necessary documents for the above purpose of pledge."

Similar resolutions were passed in respect of the properties of the other two companies as well. The said Panday deposited the title deeds in respect of the properties with R.B.F. Nidhi Limited on 14. 98 for the loan already availed by him. When the appellants were following up the said Panday for return of the title deeds, they were informed that the title deeds were with the R.B.F. Nidhi Limited. Later on, the said Panday was adjudged as insolvent, thereby disabled himself from transacting any business or settling his liabilities.

.4. On the ground that the said Panday was authorised to pledge the title deeds only as collateral security in favour of M/s R.B.F. Nidhi Limited and that too in connection with the raising of funds for M/s Zen Global Finance Limited, contrary to the authorisation, the said Panday had mortgaged the title deeds in connection with his personal borrowings of Rs.2.50 Crores with R.B.F. Nidhi Limited, the appellants approached this Court seeking for return of the above title deeds. The said applications were ordered on 210. 2007 and the learned Judge had directed the appellants to pay a sum of Rs.4,72,24,139/- along with further interest upto the date of payment to the Official Liquidator to redeem the properties.

5. Questioning the said order in directing the payment of the above sum for return of the title deeds, the companies have filed O.S.A.Nos.130 to 132 of 2008. Questioning the very same order in directing the return of the title deeds, the Committee representing RBF Nidhi Limited and the Federation of Investors Association have filed O.S.A.Nos.343 to 345 & 390 to 392 of 2007 respectively.

6. We have heard Mr.Sriram Panchu, learned Senior Counsel for Mr.T.Mohan, Advocate for the appellants in O.S.A.Nos.130 to 132 of 2008, Mr.Arvind P.Datar, learned Senior Counsel for Mr.B.S.Jhothiraman, Advocate for the appellant in O.S.A.Nos.343 to 345 of 2007, Mr.P.Giridharan, Advocate for Mr.K.Moorthy, Advocate for the appellant in O.S.A.Nos.390 to 392 of 2007 and Mr.M.Ravindran, learned Additional Solicitor General of India assisted by Mrs.K.Latha Parimala Vadana, Assistant Official Liquidator for Provisional Liquidator.

.7. At the outset, we would like to point out that the Committee constituted to manage the affairs of M/s R.B.F. Nidhi Limited had been superseded,