The Official Liquidator of M/s. Mangalore Benefit Chit Funds (in Liquidation) vs Nil

Anand Byrareddy, J.—This application is filed in the following background: That the company in liquidation was ordered to be wound up by order dated 30.05.1980 in Company Petition No. 42/1978 and the Official Liquidator attached to this court was appointed as the Liquidator. The company had its registered office at Bagalkot with an authorised capital of Rs. 1,00,000/- divided into 1,000 equity shares of Rs. 100/- each. The Official Liquidator had issued notices to the ex-Directors in the year 1979 calling upon them to hand over the assets, books and records of the company and to submit Statement of affairs of the company who had complied with the same as on 30.06.1979. A preliminary report was filed in OLR. 149/1981 before this court, which was taken on record and appropriate orders were passed.

The assets of the company comprising of furniture and fittings were sold for a sum of Rs. 1,280/- and an amount of Rs. 50,380/- was realized from Sundry Debtors and an application was filed in Company Application 123/1983 in the year 1982 for a sum of Rs. 9,13,744/-. The same was dismissed by an order of this court dated 8.10.1998. The Official Liquidator has now distributed a dividend of Rs. 28,226/- to the creditors of the '' company at 9 paisa in a rupee with due permission from this court by order dated 3.2.2000 in OLR 241/1999. The unclaimed dividend of Rs. 11,634/- was transferred to the unclaimed dividend account on 2.2.2005 maintained by the Registrar of Companies and that there is no amount available to the credit of the company as on the date of the present application. 2. The Official Liquidator claims that there are no other proceedings pending in respect of the Company in liquidation and the affairs have been fully wound up and that the proceedings cannot be proceeded with and that the company may be dissolved. The Official Liquidator has already filed nil returns affidavits before this Court for the period ending 31.03.2013. The last transaction has occurred as on 2.2.2005 as already stated above and that there are no funds available to the credit of the company in liquidation and that the copy of the dissolution order to be filed with the Registrar of Companies. Consequently, the present application. The application is allowed for the reasons stated. The appointment of a Chartered Accountant for auditing the final account of the company prepared by the Official Liquidator, is dispensed with.

The company M/s. Mangalore Benefit Chit Funds Private Limited is hereby dissolved u/s 481 of the Companies Act, 1956. The Official Liquidator is directed to serve a copy of this order to the Registrar of Companies, Karnataka, Bangalore in terms of Section 481(2) of the Companies Act, 1956.

The Official Liquidator is permitted to dispose of the records of the company, in accordance with law.