THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY COMPANY APPLICATION No.1632 OF 2011 ORDER This company application has been taken out by the Official Liquidator representing M/s.Raghunath Common & Oil Products Limited (liquidation) under Section 457(1) (e) and 460 (4) of the Companies Act, 1956 read with Rule 9, 167 and 169 of the Companies (Court) Rules, 1959, to take the certificate in Form No.71 filed as Annexure-A on record and for other ancillary reliefs. This Court by order dated 27-6-2002 made in RCC No.13 of 1999 directed for winding up of M/s.Raghunath Cotton & Oil Products Limited and appointed the Official Liquidator as its Liquidator. The Official Liquidator has taken possession of assets of the company situated at Maddipadu Village, Ongole, Prakasam District. After obtaining permission from this Court, the Official Liquidator auctioned the properties of the company and realized Rs.3.05 crores. The Official Liquidator invited the claims from the creditors of the company in liquidation by publishing a notice in Deccan Chronicle and Andhra Jyothi. Pursuant to the notification, the Official Liquidator received 16 claims as stated hereunder: 1.Secured Creditors. Sl.No. Name of the Secured Creditors Amount Claimed Status of claim 1. IDBI Chennai 24,58,99,434/- Form No.69 issued 2. Standard Chartered Bank, Chennai 6,77,82,492/- Form No.70 issued 3. Unit Trust of India Mumbai 23,06,75,274/- Form No.69 issued 4. SBI, Ongole 29,79,04,204/- Form No.70 issued 2.Workmen Union 5. Workmen Union 6 Nos.PuttaVenkateswarlu on behalf of 5 others 16,15,049/- Form No.69 issued 6. Workmen 12 Nos. D.Bhaskar Rao on behalf of 11 others 26,28,051/- Form No.69 issued 7. Workmen12Nos.V.Ramachandra Raju on behalf of 11 others 39,75,392/- Form No.69 issued 8. Workmen 31 Nos.A.Koteswara Rao on behalf of 30 others 62,97,759/- Form No.69 issued 9. Workmen 49 Nos. G.Purnachandra Rao on behalf of 48 others 35,92,007/- Form No.69 Issued 3. Government Departments 10. E.P.F.O 1,64,888/- Form No.70 issued 11. Commercial Tax Dept. 1,29,16,856/- Adjudication pending information required from them 12. Income Tax Department 3,37,89,699/- Adjudication pending information required from them 4.Unsecured Creditors 13. M/s.SIDBI Hyderabad 7,72,63,379/- Adjudication pending information required from them 14. M/s.Swathi Cotton (P) Limited, Guntur 14,38,656.35 Adjudication pending information required from them 15. M/s.M.M.T.C. Limited, Hyderabad 7,43,11,758/- Adjudication pending information required from them 16. M/s.Personal Detective Security Services, Ongole District. 3,97,927/- Adjudication pending information required from them Claims under Serial Nos.1 to 10 were adjudicated and Form No.69 or 70 was issued. The Official Liquidator sought for sanction of this Court under Rule 74 of the Companies Court Rules, 1959 to declare the dividend. Dividend payable to the creditors have been stated in Form No.71. Hence, this application by the Official Liquidator to take the certificate in Form No.71 on record. No objections have been received from any of the creditors. Hence, Form No.71 submitted by the Official Liquidator is taken on record. The Registrar is directed to notify Form No.71 in the notice board in terms of Rule 169 of the Companies Court Rules, 1959. The Official Liquidator is authorized to open a separate dividend account in Punjab National Bank and pay the dividend to entitled creditors in terms of Rule 290 of the Companies Court Rules, 1959. Publication of notice of dividend in newspapers is dispensed with. The Official Liquidator is authorized to send individual notices to the entitled creditors in Form No.138 along with receipt and Form No.139. The Official Liquidator is authorized to transfer the un-paid dividend, if any, remaining in the dividend account, after the expiry of the six months period to Companies Liquidation Account in terms of Section 555 of the Companies Act, 1956. The Official Liquidator is authorized to pay dividend due to any deceased workmen- creditor to his legal heirs upon production by such legal heirs or a family member certificate issued by Mandal Revenue Officer or such other certificate instead of producing a succession certificate as regards his/her right to receive dividend on behalf of the deceased workmen and also upon furnishing personal indemnity in terms of Rule 280 of the Companies Court Rules, 1959. Accordingly, the company application is allowed. __________________________ B.SESHASAYANA REDDY,J rkk Dated: 1-11-2011