(1.) This is an application by the Official Liquidator under Section 235 of the Indian Companies Act 1913 for the examination of the conduct of Directors, Mr. Birendra Kishore Roy Chowdhury, Asit Kumar Ghosal, Dinesh Chandra Roy, Lakshmi Narayan Hazra, Baidya Nath Mallick, Bhupendra Nath Roy Chowdhury, Kshitish Chandra Dutt and Debidas Roy (Managing Director) and for an order compelling these persons to pay or restore to the Liquidator certain sums of money belonging to the Company with interest at such rate as the Court thinks fit.
(2.) The facts which have given rise to this application are shortly as follows: The Central Calcutta Bank Ltd. was incorporated in 1928 under the name of Shahazadpur Trading and Banking Corporation Ltd. In 1934 the name of the Bank was altered to Central Calcutta Bank Ltd. In July 1947 it was amalgamated with the Bank of Mymensingh Gouripore Ltd. The authorised capital of the Bank is Rs. 5,00,000/- divided into 35,000 ordinary shares of Rs. 10/- each and 1500 five per cent. cumulative preference shares of Rs. 100/- each. The Bank closed its business on 8th December 1949 or 12th December 1949 and it appears that since 12th September 1949 the Bank was working under a moratorium order till it was finally ordered to be wound up on 9th May 1950. At the date of the winding up order the following persons were Directors of the Bank: <FRM>JUDGEMENT_625_AIR(CAL)_1959Html1.htm</FRM>
(3.) It appears further that Mr. L. N. Hazra and A. K. Ghosal were also Directors at the material time of a company known as United India Land Trust Ltd. and Debidas ROY was the Director-in-Charge of this company. There were other Directors of this company of which mention may be made of Sisir Kumar Acharya Chowdhury, A. K. Sen and S. K. Neogy. There was another company named Pioneer Investment Trust Ltd. with which the Central Calcutta Bank had dealings. It was a private limited company with a paid up capital of Rs. 1000/- only and Mr. S. K. Acharya Chowdhury and A. K. Sen two of the Directors of United India Land Trust Ltd., were the only two Directors of the Pioneer Investment Trust Ltd. It appears that these two companies--United India Land Trust Ltd. and Pioneer Investment Trust Ltd.--were ordered to be wound up on 28th February, 1951.