DR. K. KATHIRVEL Vs. OFFICIAL LIQUIDATOR AND ANOTHER

JUDGEMENT

(1.) Both the company applications are filed to approve the purchase and transfer of 16,54,689 fully paid-up equity shares bearing face value of Rs.10 each of M/s. Uma Parameshwari Mills Ltd. (in liquidation) in the name of the applicant and to direct the Official Liquidator, High Court, Madras to make necessary change in the records of the company in liquidation and enter the name of the applicant in the register of members of the company on such approval being granted by this court for transfer of shares.

(2.) The facts, which are relevant for consideration herein are as follows :

(3.) Originally, the company petition was ordered on Feb. 1, 2007 and the order was on Dec. 6, 2007, reopened in view of the order passed in C.A. No. 2933 of 2007 and the company court on second occasion, on the failure of the company to prove their bona fide claim regarding revival, ordered winding up the company with other incidental directions. On the strength of such order, the official liquidator has taken charge of the assets and liabilities of the company and also obtained valuation of assets through M/s. IPCOT. In the mean while, various applications C.A. Nos. 2211 to 2213 of 2008 are filed by ex-managing director of the company to stay and to set aside the order of winding up and to consider and approve the scheme of revival.