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of <h1>Court permits desealing for inventory, investors file claims, sister concerns' properties frozen, CITI Bank disclosure ordered. Director summoned.</h1> <h3>In Re: RE-HOFFLAND FINANCE LTD.</h3> The Court granted permission to the Official Liquidator to deseal the property for inventory purposes, with resealing afterward. Investors were allowed to ... - Issues:1. Permission to deseal the property for preparing an inventory.2. Filing of claims by investors before the Official Liquidator.3. Maintaining status quo of properties of sister concerns.4. Obtaining details from CITI Bank regarding correspondences.5. Appearance of ex-Director before the Official Liquidator.Analysis:1. The Court granted permission to the Official Liquidator (O.L.) to deseal the property in question to prepare an inventory of goods belonging to the respondent company. Once the inventory is prepared, the property will be resealed. The applicant's prayer in this regard will be considered on the next date.2. Investors who are members of the Investors' Forum were allowed to file their claims before the O.L. within three months. The O.L. will examine these claims by appointing a Chartered Accountant to make decisions on the claims.3. The Court directed the Sub-Divisional Magistrate to maintain status quo regarding properties of sister concerns, including M/s Hoffland Finance Ltd., M/s Hoffland Remedies Ltd., and M/s. Goga Foods Ltd. This was done due to concerns raised by the O.L. regarding the siphoning off of funds from the respondent company to purchase assets of the sister companies.4. A direction was issued to CITI Bank to provide details of correspondences with M/s Hoffland Finance Ltd. and other group companies concerning Fixed Deposit Receipts (FDRs) within four weeks. The bank's representative was also required to be present in court on the next date.5. The ex-Director of the respondent company was directed to appear before the O.L. to provide details about security money for telephone connections and rented premises. A production warrant was to be served at Tihar Jail for his appearance. Non-cooperation would lead to further actions, and compliance with previous court orders regarding sister concerns was mandated within eight weeks.The case was scheduled for further proceedings on 13th February, 2004, with copies of the order to be provided to relevant parties for compliance and information.
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