IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE THE CHIEF JUSTICE MR.S.MANIKUMAR &

THE HONOURABLE MR. JUSTICE SHAJI P.CHALY TUESDAY, THE 15^TH DAY OF FEBRUARY 2022 / 26TH MAGHA, 1943 WA NO. 190 OF 2022 APPELLANTS:

1 K.G. POULOSE AGED 77 YEARS, S/O.K.P.GEEVARGHESE, KUNNUTHUKATTIL, MANGARA P.O., WADAKKANCHERRY, THRISSUR, PIN - 680589

2 SARAMMA PHILIP AGED 66 YEARS W/O PHILIP KOTHAPUZHASERIL HOUSE, WADAKKANCHERRY P.O, THRISSUR, KERALA, PIN - 680582 BY ADVS.

T.K.RAJESHKUMAR MANOJ V GEORGE APARNA SOMARAJAN ASWIN K.R.

MATHEWS BENNY PETIONERSS/RESPONDENTS:

1 THE REGIONAL DIRECTOR, SOUTHERN REGION MINISTRY OF CORPORATE AFFAIRS, 5TH FLOOR, SHASTRI BHAWAN, 26 HADDOWS ROAD, CHENNAI, PIN - 600006

2 C.S.NAIR, AGED 51 YEARS SOPANAM, PARAKKARA P.O, THATTAYIL, PATHANAMTHITTA DISTRICT PIN - 61562

3 PRAMOD V VILAKKATHARA HOUSE, ARATTUPUZHA, THRISSUR PIN - 680562

4 MARY RANI POPULAR NIDHI PVT LTD REPRESENTED BY ITS DIRECTOR THOMAS DANIEL REGISTERED OFFICE XIII/526-E, POPULAR TOWER ANNEXE, VAKAYAR P.O, PATHANAMTHITTA PIN - 689698

5 THOMAS DANIEL POPULAR TOWER, VAKAYAR P.O, PATHANAMTHITTA PIN - 689698

6 PRABHA TOMAS POPULAR TOWER, VAKAYAR P.O, PATHANAMTHITTA, PIN - 689698

7 REBA MARY THOMAS D/O THOMAS DANIEL, POPULAR TOWER, VAKAYAR P.O, PATHANAMTHITTA, PIN - 689698

8 RINU MARIAM THOMAS D/O THOMAS, DANIEL POPULAR TOWER, VAKAYAR P.O, PATHANAMTHITTA , PIN - 689698

9 RIYA ANN THOMAS, D/O THOMAS DANIEL, POPULAR TOWER, VAKAYAR P.O, PATHANAMTHITTA , PIN - 689698

11 MRPN MINORITY SHARE HOLDER CUSTOMERS WELFARE ASSOCIATION HAVING REGISTRATION NUMBER TVM/TV/131/2021 THIRUVANANTHAPURAM, REPRESENTED BY PRESIDENT S. SUBRAMANIAN POTTI, RESIDING AT ANDOOR MADOM, KURAKKADA P.O., KIZHUVALLAM VILLAGE, CHIRAYINKEEZHU TALUK, THIRUVANANTHAPURAM, PIN - 695104

12 MARY JACOB AGED 77 YEARS W/O JACOB, UPPAZHAKKATTU HOUSE, MANKARA, ENKAKAD, THRISSUR, KERALA , PIN - 680589 BY ADVS. SMT.MINI GOPINATH, CGC FOR R1 SRI.K.R.RANJITH, GOVERNMENT PLEADER FOR R10 SRI.PRAVEEN VYASAN FOR R2 SRI.PRATHAP PILLAI FOR R3 & R11 SRI.C.S.MANU FOR R5, R6 & R8 THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 15.02.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

JUDGMENT

SHAJI P.CHALY,J.

This appeal is preferred by additional respondents 11 & 12 in W.P.(C) No.227 of

2021 dated 29^th November, 2021, whereby the following reliefs sought for by the writ petitioner viz., 2^nd respondent in the appeal, were declined:

i) Call for the records leading to Exhibit P3 records passed by the Company Law Tribunal, Kochi Bench and quash the same by way of an appropriate writ, order or direction or in lieu of the same.

ii) Issue a writ of mandamus directing the 1^st respondent Regional Director to take appropriate action against the erring Nidhi Company for non-compliance of the mandatory stipulations.

iii) Any other writ, order or direction which the Honourable Court deems fit and proper in the circumstances of the case iv) Award costs.

2. However, the learned Single Judge granted the following relief as relief No.2 in the Judgment , “invoking the inherent supervisory jurisdiction of this Court under Article 227 of the Constitution of India, operation of Exhibit P3 order is stayed for a period of 6 weeks, during which period, the parties are free to avail their alternative remedy.”

3. In fact the appellants herein got themselves impleaded in the writ petition as additional respondents and basically supported the contentions advanced in the writ petition, and advanced contentions against Exhibit P3 order passed by the National Company Law Tribunal, Kochi Bench in I.A.No.178/KOB/2020 in CP/35/KOB/2020 dated 26^th November, 2020, which reads as follows:

“7. In view of the aforesaid circumstances, this Tribunal hereby appoint an Interim Management Committee under the Chairmanship of Shri.E.K.Harikumar, Director, Kerala Finance Corporation, (Retired Chief General Manager, State Bank of Travancore and a former Member (Banking) Task Force to form Kerala Bank within the following members to assist him in the matter: