M RAGHUNATH CHOWDHARY Vs. MYSORE TOOLS PVT LTD

JUDGEMENT

(1.) The Official Liquidator filed CA No.54/2018 in COP No.3/1975 in this Court on 14.02.2018 seeking dissolution of the company in liquidation namely M/s Mysore Tools Ltd.

(2.) The Official Liquidator has reported to the Court that the assets of the company in the form of land was acquired wayback in the year 2005 by the Karnataka Industrial Areas Development Board (KIADB) and the sum of Rs.6,27,73,272/- by way of compensation was deposited with the Official Liquidator in view of land acquired by the KIADB on 10.03.2005 in compliance of the Court order dated 10.03.2005 passed in CA No.1187/2002.

(3.) After paying the only secured creditor of the company namely State Bank of Mysore at 100% of its dues at Rs.3,14,61,026/-, the balance amount was paid off to equity shareholders/contributories as per settled list vide OLR No.34/2008 and a sum of Rs.3,39,00,000/- was paid to the equity shareholders at the rate of more than 100% of the face value of the equity shares. Under the OLR No.34/2008, which came to be allowed by this Court on 07.02.2008, the unclaimed capital was transferred to Public Account of India vide Challan No.29/2009-1010.