THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.646 of 2011 In Company Petition No.25 of 2008 6th September, 2011 Between :- M/s.Sri D.S.M.Chit Fund (P) Ltd (in Liqn) Rep. by the Official Liquidator, High Court of A.P., Hyderabad ..Applicant And Gowtham Chand Jain and others .. Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.646 of 2011 In Company Petition No.25 of 2008 ORDER:- This application has been taken out by the Official Liquidator representing M/s.Sri D.S.M.Chit Fund (P) Ltd (in Liqn) under Section 446(2)(b) of the Companies Act, 1956 read with Rules 9 and 11 (b) of the Companies Court Rules, 1959, seeking a decree against the respondents, jointly and severally, for a sum of Rs.2,80,000/- along with interest at 12% w.e.f. 8-4-2008 till the date of realisation. This Court by order dated 15-10-2008 made in Company Petition No.25 of 2008 directed for winding up of M/s.Sri D.S.M.Chit Fund (P) Ltd., and appointed the Official Liquidator attached to this Court as its Liquidator. The Official Liquidator took possession of the records of the Company (in Liqn). As per the Chit Ledger record of the Company (in Liqn), the 1st respondent herein joined as a member of the chit bearing T.No.24 of Group No.ST-2A valued at Rs.5,00,000/-. Duration of the chit was 25 months @ Rs.20,500/- per month each inclusive of dividend. He became the prized subscriber of the said chit and received an amount of Rs.3,50,000/-. Respondents No.2 and 3 stood as guarantors for the 1st respondent in respect of the said prized chit. Respondents executed a joint promissory note in favour of the Company (in Liqn). As per the chit Ledger record of the Company (in Liqn), the 1st respondent paid chit subscription amount of Rs.2,20,000/- for 11 months for the period from 5-9-2007 to 8-4-2008 which includes an amount of Rs.45,000/- towards dividend credited by the Company (in Liqn). The 1st respondent failed to pay the balance due under the above referred chit. The Official Liquidator issued a notices to the respondents calling upon them to pay the balance amount of Rs.2,80,000/-. Notices dated 21-3-2011 and 12-4-2011 sent to the 1st respondent have been received by him. Notices dated 12-4-2011 sent to respondents No.2 and 3 have been received by them. Despite receipt of notices, respondents No.1 to 3 neither issued reply nor paid the money. Hence, this application. Notices to respondents came to be ordered on 22-6-2011. Notices sent to respondents No.1 and 2 returned unserved with an endorsement “addressee unclaimed”. Therefore service of notice on them deemed to have been effected. The Official Liquidator filed C.A.No.796 of 2011 seeking permission to take out notice to 3rd respondent by way of publication. The said application came to be allowed on 27-7-2011 permitting the Official Liquidator to take out notice to respondent No.3 by way of publication in “Andhra Bhoomi” (Telugu Daily Newspaper). Proof of publication has been filed on 29- 8-2011. Affidavit of Mr.G.Srinivasa Rao, in lieu of chief-examination, has been placed on record. ‘47’ documents have been filed and they are marked as Ex.A.1 to Ex.A.47. Heard the learned Counsel appearing for the Official Liquidator and perused the evidence of P.W.1 and Exs.A.1 to A.47. The 1st respondent became the prized subscriber for the chit bearing T.No.21 of Group No.ST-2A and received an amount of Rs.3,50,000/- vide Cheque No.360572. Respondents No.1 to 3 executed a promissory note consequent of 1st respondent becoming the prized subscriber. As per Ex.A.28 – Chit Ledger Folio, the 1st respondent paid 11 instalments. He committed default in paying the balance amount. The evidence of P.W.1 and Ex.A.1 to Ex.A.47 substantiate the claim of the applicant against respondents No.1 to 3. Accordingly, the application is allowed with costs granting a Decree against respondents No.1 to 3, jointly and severally, for a sum of Rs.2,80,000/-, with interest @ 12% per annum w.e.f. 8-4-2008 till this day and @ 6% per annum from this day till the date of realization. _________________________ B.Seshasayana Reddy, J 5th September, 2011 smr