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In The Matter Of Reserve Bank Of India v. Kubar Mutal Benefits Lmt. - COMPANY PETITION No. 87 of 1999  RD-AH 17826 (17 October 2006)
Court No. 30
COMPANY PETITION NO. 87 OF 1999
In the matter of
M/s Kuber Mutual Benefits Ltd. (In Liquidation)
Hon'ble Sunil Ambwani, J.
1. Reference order dated 23.8.2006, affidavit of full disclosure about the assets and liabilities and the completion of ''Statement of Affairs' is still awaited. The Official Liquidator states that he is rendering all cooperation for inspection of the accounts. Shri Anurag Khanna states that three persons have been engaged for verification of the records.
In the matter of Oriental Bank of Commerce: renewal and deposit of TDRs with Official Liquidator.
2. Shri Krishna Mohan, appearing for Oriental Bank of Commerce, New Delhi, has filed an affidavit of compliance along with the application dated 17.10.2006. In the affidavit of Shri Manoj Sachdeva, Recovery Officer, Oriental Bank of Commercie, 4-N Block Market, Greater Kailash-Part-1 New Delhi, it is stated that in pursuance of the order of the Court, thirty six TDRs pertaining to the Group of Companies shall be handed over to the Official Liquidator. Shri Krishna Mohan has handed over the thirty six TDRs of different amounts totalling Rs.30,74,87,879.44 (Rupees thirty crores seventy four lacs eighty seven thousand eight hundred seventy nine and forty four paisa only). He submits that four TDRs were encashed by the Income Tax Department. The details of the deductions of Income Tax, the details of the TDRs encashed by the Income Tax Department, along with instructions given by the department have not been provided. Let these details be furnisehd by the next date.
In the matter of Him City, Kisanothan Sahkari Awas Samiti Ltd.
3. In pursuance of the last order, the Him City under notice has filed affidavit of one Mohammad Khalid son of Sri Anwar Ali, Manager of Him City, Kisanothan Sahkari Samiti Ltd stating therein that Him City Kisanothan Sahkari Awas Samiti Ltd purchased the land vide two sale deeds:-
1) 1 Bigha equivalent to 27225 Sq. Feet (2530.204 sq. Meter) from Iqbal Singh, S/o Sardar Surjan Singh, R/o Bhikhibind Amritsar Punjab through registered sale deed dated 24.12.2004 (Khasra No. 80, 94, 95, 96, 100 and 101 for Rs. 43, 53, 600/-).
2) 0.632 hectares from Iqbal Singh, S/o Sardar Surjan Singh, R/o Bhikhibind Amritsar Punjab through registered sale deed dated 8.4.2005 (Khasra Nos. 80, 94, 95, 96, 100, 101 for Rs. 31, 00, 000/).
4. Both the sale deeds have been annexed as Annexure Nos. 3 and 4. It is further stated in para 6 that on enquiry it is revealed that Iqbal Singh had purchased the land from Kuber Mutual Benefits Ltd. Head Office at E-20, Greater Kailash, Part-1, New Delhi through its Managing Director Shri Pradyuman Kumar Sharma for sale consideration of Rs. 2, 10, 000/- by sale deed dated 4.8.2000 having area of 1 Bigha, 10 Biswa (Khasra Nos. 80, 91, 94, 95, 96, 97, 100 and 101) situated at Village Mohibullapur, Pargana Tehsil and District Lucknow. Shri Iqbal Singh also purchased the land having area of 2 Bighas from Kuber Mutual Benefits Ltd through its Managing Director Shri Pradyuman Kumar Sharma.
5. The land has been further sold to its members detail of which is given in charge as Annexure No. 7.
6. The affidavit prima facie reveals a fraud played by Shri Pradyuman Kumar Sharma. He sold the land by two sale deeds dated 4.8.2000 for Rs. 4, 90, 000/-. The same land was sold by power of attorney holder Sardar Iqbal Singh stating that these are his ancestral land on 24.12.2004 and 8.4.2005 for more than Rs. 74,53,600/-, at almost eighteen times the value suggesting under value and transfer of unaccounted money to Shri Pradyuman Kumar Sharma.
7. Further, in the sale deeds of power of attorney of Shri Iqbal Singh made a false and misleading statement that these are ancestral land of Shri Iqbal singh whereas he has purchased these lands from Shri Pradyuman Kumar Sharma, Managing Director of Kuber Mutual Benefits Ltd.
8. Shri S.K. Saxena, Official Liquidator is prima facie correct in submitting that the winding up petition was filed on 25.10.1999 and the company was wound up on 23.4.2002. There was restraint order on 26.11.2001. It is apparent that Shri Pradyuman Kumar Sharma was dealing with the company properties even after the filing of the winding up petition and had sold them much below the market price to one Shri Iqbal Singh, who made a fradulent representation of selling them to Him City Kisanothan Sahkari Awas Samiti Ltd. Lucknow.
9. Let the Directors expedite the process of scrutinising and verification of recores with Official Liquidator and file the affidavit with full disclosure and complete the ''statement of affairs' within next one month. All the Ex Directors will be present on 21.11.2006 for framing of charges. In case the affidavits are filed and statement of affairs are completed, the Ex Directors shall be at liberty to apply for recalling the order.
10. Let Shri Pradyuman Kumar Sharma explain the circumstances and to show cause as to why he may not be made liable personally for misfeasance and for selling the assets far below the market value during the pendency of the winding up petition.
11. List on 21.11.2006 showing the names of Shri Om Prakash Misra holding brief of Shri Srinarayan Misra for Him city Kisanothan Sahkari Awas Samiti Ltd. Lucknow and all other counsels. Copy of the order may be given to all the parties by tomorrow.
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