THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1868 of 2011 In Company Petition No.178 of 2003 15th December, 2011 Between :- M/s.Team Asia Lakhi Semi Conductors Limited (in Liqn) rep.by the Official Liquidator, High Court of Andhra Pradesh, Hyderabad .. Applicant THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1868 of 2011 In Company Petition No.178 of 2003 ORDER:- This Company Application has been taken out by the Official Liquidator on behalf of M/s.Team Asia Lakhi Semi Conductors Limited (in Liqn) under Sections 457 (1)(e) and 460 (4) of the Companies Act, 1956 read with Rules 167, 168, 169, 275 and 276 of the Companies (Court) Rules, 1959, to take the certificate in Form No.71 as varied as Annexure-C and declare a dividend at 26.79304% to 10 workmen/employees and authorize the Official Liquidator to open a separate dividend account in Punjab National Bank and to pay the dividend to entitled creditors out of the said amount and dispense with the publication of notice of dividend in newspapers and other allied reliefs. By an order made on 12-7-2004 in Company Petition No.178 of 2003, M/s.Team Asia Lakhi Semi Conductors Limited was directed to be wound up and the Official Liquidator attached this Court has been appointed as its Liquidator. After taking possession of the assets of the Company, comprising of fixed and currents assets, which were sold by way of public auction, the Official Liquidator has realized a sum of Rs.11.40 crores. Pursuant to an order passed on 28-1-2008 in Company Application No.2153 of 2007, claims from the creditors of the Company were invited, fixing the last date for receipt of such claims as 31-3-2008. In response thereto, the Official Liquidator has received 67 claims in all. After adjudicating the claims, the list of creditors of the Company has been finalized and the same was also filed in Form No.71 before this Court. The said Form No.71 has been accepted by this Court. Subsequently, 10 workmen/employees lodged their claims before the Official Liquidator. The claims of those workmen/employees have been adjudicated. Thereby Form No.71 earlier filed necessitated to be varied. Hence, this application. Heard learned Counsel appearing for the Official Liquidator representing the applicant Company and perused the material brought on record. As petitioner Annexure-D of the petition, 10 workmen/employees lodged their claims and the Official Liquidator admitted their claims and issued Form No.69, copies of which find place from page Nos.30 to 65. Hence, this application is ordered taking the certificate in Form No.71 as varied on record declaring a dividend @ 26,79304% to 10 workmen/employees. The Official Liquidator is authorized to open a separate Dividend Account in Punjab National Bank to pay the dividend to the 10 workmen/employees from the said account. Publication of Notice of Dividend in newspapers is dispensed with. The Official Liquidator is authorized to send individual Notices of Dividend to the 10 workmen/employees in Form No.131 along with advance receipt in form No.139. The Official Liquidator is also authorized to pay the dividend amount to any of the dependent members of the deceased workman, based upon their producing any certificate from any Revenue Official establishing their relationship with the deceased workman and also after obtaining the necessary Indemnity Bond from them to insulate against any possible 3rd party claims. If there is any dividend amount still lying unpaid after six months, the same may be transferred to the Dividend Payment Account maintained with Reserve Bank of India in accordance with Section 555 of the Companies Act, 1956. The Official Liquidator is authorized to take all such steps and measures, which are necessary and ancillary for the purpose of disbursal of the dividend to the 10 workmen/employees. _________________________ B.Seshasayana Reddy, J 15th December, 2011 smr