High Court of Judicature at Allahabad
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In The Matter Of Madan Industries Ltd - MISC. COMPANY APPLICATION No. 3 of 1990  RD-AH 8867 (3 May 2006)
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;
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)
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:
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/-
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)
published from Allahabad inviting bids, two bids have been received as follows;
Name of bidder
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
Abdul Wahab, S/o Hafis Abul Kuddusi Resident of 95/78 Becanganj, Kanpur Licence No. 135/PS/Bekanjang, Kanpur valid upto 31.12.2008
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.
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