$~28 * IN THE HIGH COURT OF DELHI AT NEW DELHI + W.P.(C) 6329/2017 M/S MEENA STEELS LIMITED .....Petitioner Through: Mr. Manish Srivastava, Mr. Moksh Arora and Mr. Santosh Ramdurg, Advocates.

versus PUNJAB NATIONAL BANK .....Respondent Through: Ms. Asmita Kumar and Mr. Mehul Prasad, Advocates.

CORAM:

HON'BLE MR. JUSTICE RAJNEESH KUMAR GUPTA

O R D E R

% 02.02.2026

1. This hearing has been conducted through hybrid mode.

CM APPL. 28908/2023 (for directions)

2. ThisisanapplicationfiledonbehalfofthepetitionerunderSection151 of the Code of Civil Procedure, 1908 seeking directions to the respondent- Bank to transfer a sum of Rs. 17,98,950/-, along with interest accrued thereupon, from the escrow account to the account of the petitioner, in compliance with the order dated 30^th August, 2022 passed by this Court.

3. Heard. Record perused.

4. Vide order dated 30^th August, 2022, the present petition has been disposed of with the following directions:

“5. Since the obligation of Petitioner-Company to pay to shareholders still remains, and has not been entirely discharged, first an attempt should be made in that direction. Accordingly, present petition is disposed of with following directions:

a. Petitioner shall re-submit a list of beneficiaries/ ex-shareholders to Respondent Bank who shall issue fresh refund warrants to all the beneficiaries/ ex-shareholders.

b. After complying with the above-stated direction, balance amount, if any, available in the escrow account shall be transferred in a separate bank account opened in the name of Petitioner-Company, details whereof shall be intimated to Respondent-Bank.

c. The balance amount, if any, remitted by Respondent Bank shall be kept in a separate account in the name of Petitioner-Company and shall be utilised only for the purpose of discharging liability towards beneficiaries/ ex-shareholders, in terms of the Scheme and no other purpose whatsoever. The managing director of Petitioner-Company shall give an undertaking on affidavit to the above effect, which shall be filed on record within two weeks from today.”

5. Learned Counsel for the respondent submits that as per direction 5(a), refundwarrants are required to be issued to all beneficiaries/ ex-shareholders; however, the same could not be issued for want of complete particulars of those beneficiaries/ex-shareholders, as under the new system, their addresses and mobile numbers are not available.

6. Learned Counsel for the petitioner submits that the petitioner- Company also does not possess complete details of the beneficiaries/ ex-shareholders and only the names thereof were available, which have already been furnished to the respondent- Bank.

7. Learned Counsel for both parties submit that in these circumstances, and in the interest of justice, the amount for which refund warrants were required to be issued may also be kept in the separate account, as contemplated under direction 5(c).

8. Learned Counsel for the petitioner further submits that the affidavit in terms of direction 5(c) has already been filed on record by the Managing Director of the petitioner- Company.

9. In view ofthesubmissions madebythelearned Counsel for theparties, direction 5(a) is modified to the extent that the amount corresponding to the refund warrants payable to the beneficiaries/ex-shareholders shall also be keptin theaccount maintainedintermsofdirection5(c) and thisamountshall be utilised only for the purpose of discharging liability towards beneficiaries/ ex-shareholders, in terms of the Scheme and no other purpose whatsoever. The affidavit in this regard shall also be filed by the Managing Director of the petitioner-Company within a period of seven days from today.

10. Learned Counsel for the respondent-Bank submitted that the said amountshallbetransferredwithinaperiodofone monthafterthefilingofthe affidavit as stated above.

11. Accordingly, the present application is disposed of in the above-stated terms.

RAJNEESH KUMAR GUPTA, J FEBRUARY 2, 2026/nd/tp