9911796707
TMI Blog1969 (4) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... that Dr. Sarma owed the company a sum of Rs. 2,902.77. When he demanded the said amount, Dr. Sarma denied liability. The official liquidator bases his claim on the books of account of the company. Dr. Sarma was acting as a director-in-charge of the company from 1949 to 1957. He laid down his office as director on April 1, 1957. But on the date of such retirement it appears that Dr. Sarma was asked to account for certain sums of moneys to which he was answerable. Ultimately, under cash suspense account, an amount of Rs. 2,902'77 was struck as the amount due by Dr. Sarma to the company. The audited balance-sheet of the company for the year ending March 3], 1957, discloses that this sum was the compilation of various sums drawn in driblets ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the company. While interpreting a similar section, this court has consistently taken the view that an "officer of a company" includes an ex-officer of the same. There is no reason why a departure should be made in the matter of interpreting the word "officer or employee" appearing in section 468 of the Act. In this view, I am unable to accept the contention of learned counsel for the respondent that Dr. Sarma cannot be deemed to be an "officer or employee" within the meaning of section 468 of the Act and hence not liable. The second contention, however, is attractive and has to be sustained. It is not in dispute that the origin of the debt was during the period 1949 to 1957 and in fact it was crystallized on April 1, 1957, when Dr. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te when the company went into liquidation the latter had no right to recover the same from Dr. Sarma, as it was by then barred by limitation. If, therefore, the debt was barred on the date when the company was wound up, could it be said that by the mere fact of that item being included in the statutory statement of affairs, it is revived so as to enable the official liquidator to treat it as a debt which is alive for all purposes and ask this court to pass a decree on such an entry noted in the statement of affairs or in the books of accounts. The official liquidator is the successor-in-interest of the affairs of the company including its assets and liabilities, and he has the same rights and suffers the same obligations which were availa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot successfully file a civil suit for the recovery of the same. Then he cannot successfully ask for a direction to pass a decree as prayed for. To the same effect is the decision of this court in Malabar Petroleum Co. v. Continental Oil Co. [1963] 33 Comp. Cas. 367 ; AIR 1963 Mad. 307. Veeraswami j., interpreting a similar section under the Act, section 469, expressed the view that the effect of the words "at any time" in section 469(1) is not that the court can make an order under the section without reference to the limitation prescribed by the law. The language employed by the legislature in section 468 of the Act is in pari materia with that employed in section 469. Interpreting, therefore, the expression "at any time" appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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