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TMI Blog2018 (12) TMI 269X X X X Extracts X X X X X X X X Extracts X X X X ..... id off to equity shareholders/contributories as per settled list vide OLR No.34/2008 and a sum of Rs. 3,39,00,000/- was paid to the equity shareholders at the rate of more than 100% of the face value of the equity shares. Under the OLR No.34/2008, which came to be allowed by this Court on 07.02.2008, the unclaimed capital was transferred to Public Account of India vide Challan No.29/2009-1010. 4. The relevant extract of the CA No.54/2008 filed by the Official Liquidator on 14.02.2018 in para Nos.6 to 12 are quoted below for ready reference:- "6. That the Official Liquidator had filed report bearing OLR No.41/1993 seeking sanction for sale of the aforementioned land which was objected by M/s. KIADB in view of the acquisition proceedings initiated by them. Considering the fact that acquisition proceedings initiated by the land acquisition officer are Quasi-judicial proceeding and do not stand excluded form the purview of Section 456 of the Companies Act, 1956 and thereby KIADB was permitted to acquire the land and OLR No.41/1993 was disposed of accordingly vide order dated 10.09.1993. A copy of order dated 10.09.1993 passed in OLR No.41/1993 is attached herewith and marked as Annex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such equity shareholders are extinguished. In view of extinguish right, no resolution can even be passed by the shareholders for any scheme of revival. The instant Company Application may be heard along with C.A. No.135 of 2017 and C.A. No.382 of 2017. 12. That the Official Liquidator has done all that he can to wind up the affairs of the company in liquidation, he has realized the assts as far as he can and has discharged all the liabilities towards creditors and shareholders as he was aware of them. It may be just and reasonable to dissolve the company under section 481 of the Companies Act, 1956. In view of the above the Official Liquidator respectfully prays that this Hon'ble Court may kindly be pleased to:- a) Direct that M/s. Mysore Tools Ltd, shall stand dissolve under section 481(1) of the Companies Act, 1956. and b) Pass such other order or orders as may be deemed fit and proper in the circumstances of the case." 5. The company in question which was ordered to be wound up on 20.07.1982 in Company Petition No.3/1975 has remained in the winding up process for 45 years and process of winding up has been completed in the aforesaid manner by the Official Liquidator. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MAS ABRAHAM Seeking permission to file a scheme of Arrangement THOMOS PETER Adv. 10-Aug-17 CA 96/2017 MR. RAMACHANDRA GOWDA Seeking permission to file a scheme of Arrangement THOMOS PETER Adv. 08-Nov-17 CA 378/2015 G. CHANDRASEKAR Seeking permission to file a scheme of Arrangement SUNDARAM 08-Nov-17 CA 918/2015 MOHD TANZEEL PASHA Seeking permission to file a scheme of Arrangement THOMOS PETER Adv. 06-Dec-17 CA 303/2017 MR. B.H. GANGAIAH Seeking permission to file a scheme of Arrangement THOMOS PETER Adv. 07-Feb-18 CA 32/2017 SMT. A. LAKSHMI DEVI Seeking permission to file a scheme of Arrangement THOMOS PETER Adv. PENDING CA 135/2017 Krishnamurthi S/o Mariswami Gowda Seeking permission to file a scheme of Arrangement THOMOS PETER Adv. PENDING CA 382/2017 S.K. Jhon S/o T.T. JHON Seeking permission to file a scheme of Arrangement Not available 21-Mar-13 CA 114/2013 SRI. KONDAL RAO M PURCHASE THOMOS PETER Adv. 23-Jul-13 CA 1508/2013 SRI KONDAL RAO M PURCHASE THOMOS PETER Adv. 20-Nov-14 CA 1076/2013 SRI KONDAL RAO M PURCHASE SUNDARAM Adv. 9. Mr. Thomas V. Peter, learned Advocate submitted before the Court that the applicant-Mr. Krishn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ensation was received from the KIADB and the funds so received have been distributed among the stakeholders of the said company in accordance with the provisions of the Act and remaining amount transferred to Public Fund of Government of India. 14. This Court is at loss to understand this kind of series of applications, when majority of them came to be disposed of and dismissed for lack of any bonafides on the part of such applicants. Still either the same lawyer or the different lawyer with the same tenor of applications has kept on filing such applications with obviously the lack of particulars, the draft of Scheme or any good reason for moving such application at this belated stage or any measure taken to show their bonafide in the matter. 15. Such abuse of process of law therefore deserves to be put down with the iron hands of justice. This Court is at little pain to hear the argument of Mr. Thomas V. Peter, learned Advocate that if a client approaches the lawyer for filing such application, the lawyer is bound to file such application. Plausible but not fair enough, the Advocates appearing in the Courts, under the Advocates Act 1961, have a dual role. While they are the spok ..... X X X X Extracts X X X X X X X X Extracts X X X X
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