THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.217 of 2011 26th April, 2011 Between :- M/s.Hindustan Magnetic Ltd. (in Liqn), Rep. By the Official Liquidator, High Court of Andhra Pradesh, Hyderabad .. Applicant And IDBI, rep. By its General Manager, And others .. Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.217 of 2011 ORDER:- This is an application filed by the Official Liquidator representing M/s.Hindustan Magnetic Ltd. (in Liqn) under Section 457 (1)(c) of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959, seeking permission of the Court to sell the movables by distributing handbills in and around the Koti and other prominent places and thereafter permit him to handover the movables on receipt of reasonable offer and on payment of sale consideration. A further relief has been sought for by the Official Liquidator to incur the expenditure from and out of the funds of the Company (in Liqn). Notice to the respondent came to be ordered on 21-3-2011. The applicant has been permitted to take out personal notice on the respondent by RPAD and filed proof of service. The applicant filed a memo of proof of service. Despite service of notice, none appears on behalf of the respondent. Heard learned Counsel appearing for the Official Liquidator and perused the affidavit filed in support of the applicant-company. By order dated 30-7-1999 made in R.C.C.No.4/99, this Court ordered for winding up of M/s.Hindustan Magnetic Ltd., and appointed the Official Liquidator attached to this Court as its Liquidator. On receipt of the winding up order, the Official Liquidator took possession of the assets of the company comprising of Land & Buildings, Plant & Machinery and current assets situated at Kazipally village, Jinnaram Mandal, Medak District. The Official Liquidator also took possession of the movable assets in the year 2001. The movable properties seized by the Official Liquidator are as hereunder:- Sl.No. Description of M/C/Item Qty Nos. Fair Market Value in after depreciation 1 Sony Audio Cassettes 204 Rs.2,550.00 2. Sony Video Cassettes 9 Rs. 360.00 3. Cartoon Broad Castling Cassettes 7 Rs. 200.00 4. Sound recording Tape 1 Rs. 600.00 5. Plopping Boxes 6 Rs. 600.00 TOTAL Rs.4,310.00 Taking into consideration of the value of the property, I am of the view that the Official Liquidator can be permitted to sell the same by distributing handbills in and around the Koti and other prominent places. Company Application is ordered accordingly. No costs. _________________________ B.Seshasayana Reddy, J 26th April, 2011 smr