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TMI Blog2006 (2) TMI 300X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Act Case No. 3/67 relates to Orient Weaving Pvt. Ltd. ( OWML for short). The following were the Board of Directors of the said Company. (I)Naba Kishore Mohanty (dead), (II)Bansidhar Mohanty (dead), (III)Khetramohan Biswal (dead), (IV)R. P. Nanda, (V)Harmohan Das, and (VI)Manmohan Das. Company Act Case No. 7/68 relates to National Foundry and Rolling Mills Pvt. Ltd. ( NFRL for short). The following were the Board of Directors of the said Company. (I)Bansidhar Mohanty (dead), (II)Khetramohan Biswal (dead), (III)Uchhabananda Samantaray (dead), (IV)Baman Charan Das (dead), (V)Manmoahn Das, and (VI)R.P. Nanda. Company Act Case No. 5/92 relates to Utkal Distributors Pvt. Ltd. ( UDPL for short). The followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owards sale proceeds of other two companies, i.e., National Foundary Rolling Mills Pvt. Ltd. and M/s. Orient Weaving Pvt. Ltd. In course of hearing of these three Company Act Cases, petitions were filed by the United Bank of India and Sri Ranjit Kishore Mohanty in Company Act Case No. 3/67 seeking permission to compromise Title Mortgage Suit No. 261/69. The terms and conditions of the compromise were that the Official Liquidator would make payment of a sum of Rs. 44,46,000 to the Bank in full and final satisfaction of the dues of the Bank and on such payment, the Bank would abandon its claim in respect of the suits filed by it against M/s. Orient Weaving (P.) Ltd. (T.M.S. No. 261/69) and the First Appeal filed against M/s. Utkal Distrib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in one issue each of the New Indian Express and the Daily Samaj and the copies thereof shall be filed in Court." This Court also directed the Official Liquidator to appoint a Valuer in respect of the assets of the Company. After prolong hearing which continued on several dates, this Court was satisfied that the matter can be amicably settled among the parties in view of the fact that the assets in the hand of the Official Liquidator would be sufficient to clear up the liabilities with regard to the other companies. By consent of the parties this Court by order dated 17-9-2004 appointed Mr. Jagannath Das, Senior Advocate as Amicus Curiae to assist this court in carving out the amounts payable to each shareholder vis-a-vis the amount pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Money in M/s. OWML as stated above, is :Rs. 27,05,944.00 These amounts are to be proportionately distributed according to number of shares held by the shareholders who had given up their respective shares for payment to the creditors which are available in each of the said two companies, i.e. M/s. NFRL M/s. OWML respectively. The total amount falling to the shares of each of the shareholders in each of the said two companies are indicated in the table below : Name of the Shareholders Share in residual Surplus in NFRL Share In OWML Total of both Laxmipriya Mohanty Rs. 3,45,324.67 Nil Rs. 3,45,324.67 Nabakishore Mohanty Rs. 9,61,975.86 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same willy nilly. Taking into consideration all these facts, this Court finds that it would be just, proper and equitable if the surplus amounts are distributed among the existing shareholders as per the suggestions made by Mr. Das in his report. For the said purpose this court feels that it would be appropriate to appoint Mr. Das, who rendered a valuable service to the Court, as Receiver for distribution of the amount as per his report. This Court is conscious of the provision of section 453 of the Companies Act, 1956, but then the said section clearly provides that a Receiver can be appointed with the leave of the Court. This Court feels, for the reasons assigned above that it is a fit case where the inherent powers of the Court should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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