NCLT does not have any jurisdiction over Cooperative Society to issue direction under the provisions of the Companies Act or SEBI as per the provisions of the Companies Act for refund of the deposit amount – Binod Kumar Vs. Sahara India Ltd. and Ors. – NCLT Allahabad Bench
The respondent parties with whom the deposits have been made by the petitioner, are not companies but Cooperative Society on which this tribunal does not have any jurisdiction to issue direction under the provisions of the Companies Act, therefore, no direction can be issued by this tribunal either to the respondent parties or SEBI as per the provisions of the Companies Act for refund of the deposit amount.