TaxTMI 
TaxTMI 
2010 (5) TMI 404
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....mination with regard to the matter specified therein. (b)Direct the ex-directors to make good the said amount of Rs. 26,83,000 to the Official Liquidator together with interest at the rate of 18 per cent p.a. with effect from the date of winding up order, i.e., 26-2-1999 till the date of payment. (c)Direct the ex-directors to make good the said amount Rs. 1,61,605 to the Official Liquidator together with interest at the rate of 18 per cent p.a. with effect from the date of winding up order, i.e., 26-2-1999 till the date of payment. (d)Direct the ex-directors to make good the said amount of Rs. 24,222 to the Official Liquidator together with interest at the rate of 18 per cent p.a. with effect from the date of winding up order, i.e.....
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....paid-up capital Rs. 7,50,000. Respondents were the directors of the company as on the date of winding up order. The factory, land and building, plant and machinery of the applicant located at Doddaballapura were under the custody M/s. Karnataka State Financial Corporation. The applicant filed CA No. 1149/1999 under section 454(5A) of the Act against tne ex-directors of the company-in-liquidation for not filing statement of affairs. One of the ex-directors, 1st respondent herein filed statement of affairs, since defective, notices were issued to the ex-directors for rectification and that application is said to be pending disposal. 4. This Court having directed the Official Liquidator to engage the services of M/s. K.S. Ramprasad and Comp....
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.... application as well as the affidavit by way of evidence of PW-1. Learned counsel for 1st and 2nd respondents submits that he has no instructions in the matter, which is the very same submission as recorded in the order sheet dated 21-3-2009. 7. The following questions arise for decision making : (i)Whether the applicant proves that the respondents are liable to make good Rs. 26,83,000 with interest at 18 per cent p.a. with effect from 26-2-1999 being the difference of value declared in statement of affairs and the valuation by M/s. KSFC on 19-9-2002 in respect of the fixed assets, plant and machinery, furniture and fittings, etc.? (ii)Whether the applicant proves that the respondents are liable to pay Rs. 1,61,605 with interest at....
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....998, the application filed on 23-2-2004 is within the period stipulated in sub-section (2) of section 543 of the Act. Hence, the application is in time. 10. Learned counsel for the Official Liquidator submits that the estimated value of Rs. 60,15,000 of the fixed assets, plant and machinery, furniture and fittings, as set out in the statement of affairs, Ex.P1 submitted by the 1st respondent is far in excess of the valuation of Rs. 33,32,000 of the very same fixed assets by M/s. KSFC. In other words, according to the learned counsel, there is difference of Rs. 26,83,000 between the value declared in the statement of affairs and the valuation by KSFC and, therefore, the ex-directors, the respondents herein are liable to pay the amount wit....