Kampalapura Narasimiah Jayalakshmi & ... vs Vistara Media Private Limited & Ors

IN THE MATTER OF: Kampalapura Narasimaiah Jayalakshmi & Anr. ...Appellant (s)

Versus

Vistara Media Pvt. Ltd. & Ors. ...Respondent (s)

Present: For Appellant (s) : Mr. D. Abhinav Rao, Mr. Aniket Singla, Advocates. For Respondent (s) : Ms. Hima Lawrence, Mr. Vikram Hegde, Advocates for R-1. Mr. Gaurav Kumar, PCS.

ORDER

(Hybrid Mode)

18.05.2026: This appeal is against an impugned order dated

28.07.2025 passed by the Ld. National Company Law Tribunal, Kolkata

Bench, Kolkata in Comp. Appl./48(KB) 2025 in TP/27(KB)2025. It is the

submission of the Ld. Counsel for the appellant they had moved an

application raising the issue of maintainability before Ld. NCLT on the

ground this petition, under Section 73 of the Companies Act, 2013, is not

maintainable in view of the Gazette Notification No. G.S.R.464(E) at Sl. No.6,

issued by the Ministry of Corporate Affairs dated 05.06.2015 which read as

follows:

Chapter V, Shall not apply to a private company which accepts clauses (a) to (e) from its members monies not exceeding one of sub-section hundred per cent. of aggregate of the paid up share (2) of section 73 capital and free reserves, and such company shall file the details of monies so accepted to the Registrar in such manner as may be specified.

-2- 2. The private companies, while complying with such exceptions, modifications and adaptations, as specified in column (3) of the aforesaid table, shall ensure that their interests of the shareholders are protected."

2. The perusal of the notification above would show only clauses (a) to (e)

of sub-section (2) of section 73 are not applicable in cases of private

Companies and it doesn't say Section 73 per se is not applicable to a private

company. It is evident from the fact Section 73 do contain clause (f) of sub

section (2), which is not made inapplicable, hence, the argument doesn't help

the appellants.

3. Rest on merits qua the fact as to if the amounts claimed fall within the

definition of deposit is still a question to be decided by the Ld. NCLT; hence

leaving all contentions open, we dismiss the appeal. Pending I.A. Nos. 6163,

6164 of 2025 & 1152 of 2026 are also disposed of.

[Justice Yogesh Khanna] Member (Judicial)

[Mr. Ajai Das Mehrotra] Member (Technical)

SA/rr

Company Appeal (AT) No. 254 of 2025