GROVER LEASING LTD Vs. RANK SUSPENSION PVT. LTD.

JUDGEMENT

(1.) This judgement shall decide the above noted application dtd. 28/5/2018, which has been preferred under Rule 9 of the Companies (Court) Rules, 1959 by the applicant - Shri Rajinder Pal Marwaha, who claims to be a shareholder of the respondent company which has since been dissolved, seeking release of funds from the Reserve Bank of India.

(2.) Briefly stated, company petition bearing CO.PET. 128/1994 was instituted under Ss. 433, 434 and 439 of the Companies Act, 1956 seeking winding up of the respondent company ' M/s Rank Suspension Pvt. Ltd. In the course of proceedings, an Official Liquidator attached to this Court was appointed as the Provisional Liquidator of the respondent company vide order dtd. 18/3/2002 and thereafter the company was ordered to be wound up vide order dtd. 17/9/2004. From a perusal of the record, it is borne out that claims were invited by the Official Liquidator in 2013, however no creditors came forth and on completion of the formalities, the respondent company was finally dissolved on 4/9/2013 and a sum of Rs.70,32,321.50 was accordingly transferred to the RBI.

(3.) On behalf of the applicant, it is stated that he was one of the shareholders of the respondent company and out of a total of 28760 shares of the company, he held 23110 shares in his name - accounting for 80.35% of the shares; as also 1439 shares in the name of his HUF that being 'Rajinder Pal Marwaha HUF" ' accounting for 05% of the shares. It is the case of the applicant that he had shifted to Uttar Kashi in the year 2006 and has since been taking care of abandoned families who are flood survivors, and was unaware of the notices published in newspapers by the Official Liquidator. It is further stated that he was under a bonafide impression that no funds were left available with the respondent company at the time of its final dissolution on 4/9/2013, and therefore he did not file any claim before the Official Liquidator.