The board member said ``I could have passed the final order for repayment on the basis of Okara repayment schedule but because of the Delhi High Court order my hands are tied-up.''

The court in its October 7 order had stated that no plantation company could sell its immovable property. However, the company could repay the deposit holder. In Monday's hearing, CLB member asked Okara Agro director Gurpreet Singh how investors could be returned their money along the lines of the high court order. He also asked the company to give a detailed repayment schedule keeping in view the court order. Doshi, in the hearing, asked the director of the company to devise a scheme by November 11 without sale ofassets.

During the hearing Okara director said ``we are confident of repaying the money but due to liquidity crisis we are unable to do so.''

CLB had booked the company under Section 58-A of the Companies Act following complaint by depositors of Okara Agro.

Earlier, Okara Agro had given a detailed repayment schedule at the hearing, along with the cash flow statement. It had stated that the depositors' money would be repaid through sale of various properties. The company had raised around Rs 59 crore worth of deposits under various schemes. In the last hearing CLB had sought investors' views on the repayment schedule submitted by the company to the board. Under the scheme submitted to CLB, Okara had proposed repayment of deposits over four years in various instalments.

In another judgement, Doshi in a suo-moto order directed defaulting Hoffland Finance Ltd (HFL) to repay the entire amount to the fixed depositors. Doshi has directed the NBFC to repay the fixed deposits by end of December 1999 in sixquarterly instalments.

The board decision to direct HFL to repay the money follows company submitting two repayment options to CLB for repayment of fixed deposits to the tune of Rs 20 crore to 2,100 depositors. CLB has considered Option-1 submitted by the company for repaying the money to depositors as this option is of a shorter duration. ``Considering the interest of depositors, the company and the public at large, I order that the company will repay the deposits as per Option-1,'' Doshi stated in the order.

According to the order, first and second instalments of 5 and 10 per cent respectively should be paid by December 31, 1998. The company will have to repay 15 per cent in the third quarter, 20 per cent in the fourth quarter and 25 per cent each in fifth and sixth quarter respectively. HFL will have to pay 15 per cent interest rate on principal amount from the date of deposits and the interest will be paid upto November 30.