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IN THE MATTER OF MADAN INDUSTRIES LTD

High Court of Judicature at Allahabad

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In The Matter Of Madan Industries Ltd - MISC. COMPANY APPLICATION No. 3 of 1990 [2006] RD-AH 8867 (3 May 2006)

 

This is an UNCERTIFIED copy for information/reference. For authentic copy please refer to certified copy only. In case of any mistake, please bring it to the notice of Joint Registrar(Copying).

HIGH COURT OF JUDICATURE OF ALLAHABAD

In Chamber

MISC COMPANY APPLICATION NO. 3 OF 1990

In the matter of

M/s Madan Industries Limited (In Liquidation)

Hon'ble Sunil Ambwani, J.

1. The Official Liquidator has got the pistol  belonging to the Company (In Liq.) valued from Shri G.S. Birdie, the valuer and has reported the description of the valuation of the pistol as follows;

"VALUATION REPORT

1. PROPERTY- WEBLEY & SCOTT LTD. MAKE OLD N.P. BORE PISTOL AND CARTRIDGES LYING IN THE POLICE MALKHANA IN THE PREMISES OF KUTCHERY, ALLAHABAD.

2. OWNERS: M/S MADAN INDUSTRIES LTD. (IN LIQUIDATION)

1. INTRODUCTION

By virtue of my appointment as valuer' by the Govt. of India, Ministry of Finance C.B.D.T., New Delhi, I hereby state and certify as under.

On invitation by Sri S.K. SAXENA OFFICIAL LIQUIDATOR U.P. & UTTARANCHAL, ALLAHABAD vide letter No. OL/Madan/1885 dated 23/11/2005, I have inspected the above pistol on 11.2.2006 in the malkhana of police, and cartridges in the presence of Sri Amarjeet-Staff of O.L. Office.

2. DESCRIPTION OF PROPERTY AND ITS MARKET VALUE:

A) PISTOL:

Manufactures- M/s Webley & Scott Ltd. Britain

Serial No. W & S - 12589

Condition Rusted, require repairing

Age More than 50 years

Market value Rs. 25,000/-

B) CARTRIDGES:

Pistol cartridges - 7 nos.

Revolver cartridges - 3 nos.

Condition - old Rusted

Market value - Rs. 15/-

Indian Govt. Factory make new revolvers and pistols are available at about Rs. 70,000/- each. The pistol to be valued is very old and require repairing. By local enquiry from the gun & pistol selling shapes. I came to know that maximum price of such pistol can be about Rs. 25,000/-, which is adopted in this valuation.

Realizable value of pistol

& cartridges = Rs. 23,000/-"

2. Reference order dated 22.2.2006 and advertisement in 'Northern India Patrika' (English) and 'Dainik Jagaran' ) (Hindi)

2

published from Allahabad inviting bids,  two bids have been received as follows;

SN

Name of bidder

Earnest Money

Bid

1

Razme Hasan s/o Sri Z.H. Ansari, Resident of 71/65, Saidabad, P.O. Teliarganj, Allahabad

Licence No. 7859, valid upto 2.2.2008, P.O. 3.5.2006

Rs. 10,000/-

65,500/-

2

Abdul Wahab, S/o Hafis Abul Kuddusi Resident of 95/78 Becanganj, Kanpur Licence No. 135/PS/Bekanjang, Kanpur valid upto 31.12.2008

Rs. 10,000/-

35,000/-

70,000/-

3. The increased bid of Shri Abdul Wahab of Rs. 70,000/- to which Shri Razme Hasan did not increase his offer,  is almost three times of the valuation fixed by the valuer. No one has raised any objection to the price. The bid is equal to the price on which a new pistol of same bore is offered by Indian Ordinance factories. Taking into account the age and condition of the pistol the price is fair and reasonable.

4. The bid is as such accepted subject to condition that the Official Liquidator shall get the licence of the bidder  verified from the District Magistrate, Kanpur Nagar. The entire balance amount shall be paid by bank draft in favour of the Official Liquidator, Allahabad within 15 days. As soon as the verification is obtained and amount is paid the pistol may be handed over after giving possession letter with intimation to the District Magistrate, Allahabad and Kanpur Nagar.  The demand draft of Shri Razme Hasan be returned to him on his request.

Dt. 3.5.2006

RKP/-MSC-3-1990


Copyright

Reproduced in accordance with s52(q) of the Copyright Act 1957 (India) from judis.nic.in, indiacode.nic.in and other Indian High Court Websites

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