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B.I.F.R. v. M/S Electra (India) Ltd. - MISC. COMPANY APPLICATION No. 9 of 2000  RD-AH 4828 (1 March 2006)
Hon'ble Sunil Ambwani, J.
Present Shri A.K. Misra for Official Liquidator, Shri S.K. Saxena, Official Liquidator and Shri J. Nagar for LIC.
Let the report No. 53 of 2006 filed today by the Official Liquidator in M/s Electra (India) Ltd. (In Liq.) be placed on 8.3.2006 in chamber for orders.
Shri Pushkar Malhotra states that M/s Agrawal Associates, has deposited the entire offered price, and has requested for issuing possession letter subject to proportionate deduction of price on account of the confirmed reduced area of the land. Now since entire price offered by M/s Agrawal Associates has been deposited subject to the deductions on account of reduced area land, let possession letter be given to M/s Agrawal Associates and requisite step be taken for execution of transfer deeds.
The Official Liquidator informs that on inquiries made from Tehsildar authorities, it was found that the Company (In Liq.) has some more valuable assets. Let a complete inventory of these assets be prepared and thereafter the valuation be made by the Official Liquidator and submit a report.
Ex Directors of the Firm including its Managing Director Shri Arun Kumar Jain S/o Shri Ameer Chandra Jain have not handed over the assets of the Company (In Liq.) and have not filed 'Statement of Affairs' so far. The Official Liquidator has sent notices under Section 454 (5) of the Company Act 1956 to him. The Company was wound up on 20.10.2003, on the recommendation of B.I.F.R. The Ex Directors were taking part in the proceedings and had objected to the valuation. They, however, withdrew and that their counsel reported that he is no longer receiving instructions and was permitted to withdraw from the matter. Let bailable warrant be issued to Shri Arun Kumar Jain, S/o late Shri Ameer Chandra Jain, R/o 236 Purwa Shekh Lal, Meerut, District Meerut to be apprehended and for appearance before this Court.
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