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TMI Blog2012 (6) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... realisable value of the assets indicated - application is dismissed - CO. APPLICATION NO. 971 OF 2005, CO. PETITION NO. 112 OF 1994 - - - Dated:- 8-3-2012 - A.S. BOPANNA, J. K.S. Mahadevan and V. Jayaram for the Applicant. T. Suryanarayana for the Respondent. ORDER 1. The instant application is filed by the Official Liquidator under Section 543(1) of the Companies Act, 1956 R/w Rule 9 and 260 of the Companies (Court) Rules, 1959. The application is filed on behalf of the company in liquidation against the erstwhile Directors of the said Company, alleging misfeasance and in that context to direct respondent Nos. 1 and 3 to jointly or severally pay the company in liquidation a sum of Rs. 33,63,19,000/- along with interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aluation report dated 31.05.1997 given by M/s S.R. Batliboi and Company, Chartered Accountants. It is their contention that the book value of the said assets was only Rs. 8,00,17,000/- as on the date of the winding up. It is their further case that the realisable value indicated would not be the actual value and the actual value in any event has been determined by the valuer appointed by this Court itself at Rs. 9,41,81,000/- and a sum of Rs. 1,38,00,000/- being the value of the immovable properties has to be excluded since the same has not been sold and if that value is kept in view, the same would match the valuation for the purpose of book value made by the respondents themselves when they were functioning. Therefore, the allegations mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... realised from the fixed assets including the immovable property is in a sum of Rs. 8,33,26,000/-. Though the valuation report of Sri H.S. Seshagiri is marked at Ex. P3, the same relates to the immovable property and in the instant case, the relevant document to be taken note as Ex. P3 would be the valuation of M/s Jayasurya and Associates, which is produced at Annexure-A along with the application, the same is accordingly taken note of. 7. A perusal of the said documents in the background of the oral evidence stated by the witnesses, no doubt, indicates that the statement of affairs would show that the value of the fixed assets as declared by the Directors was in a sum of Rs. 43,57,00,000/-. However, to ascertain the correctness of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicate that the value is shown at Rs. 10,82,84,000/-. From the said amount, if the value of the immovable property is excluded, the value of the fixed assets would be in a sum of Rs. 9.41,81,000/-. No doubt there is a marginal variation in the value as assessed by the valuer appointed by this Court after the date of winding up and the value indicated in the balance sheet as on the date of winding up. However, what is to be noticed is that ultimately, the fixed assets which were sold in auction as permitted by this Court, the value fetched is in a sum of Rs. 8,33,26,000/-. The said value in fact is marginally higher than the book value which has been indicated by the valuer and reflected in the balance sheet as on the date of winding up orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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