1 IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.359 OF 2004 IN COMPANY PETITION NO.364 OF 1992 WITH OFFICIAL LIQUIDATOR’S REPORT DATED 4/10/2005 Ashok H. Advani & Anr. ..Applicants. V/s. O.L. for Ajit Glass Works P.Ltd.(in Liqn).Respondents. Mr.U.J.Makhija a/w. Amin Kherada for applicants. Mr.N.M.Ganguli, for respondent. Mr.S.Ramakanta, Dy.O.L. present. CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J DATE : NOVEMBER 25, 2008. DATE : NOVEMBER 25, 2008. DATE : NOVEMBER 25, 2008. P.C. : P.C. : P.C. : 1. Counsel for the Workers’ Union submits that both the applicants who have propounded scheme have failed to place on record accounts for the relevant period. The applicants are relying on the accounts which pertains to period prior to 1988. I am in agreement with this objection. If the applicants have propounded scheme in the year 2004 and filed application to effectuate that scheme before this Court, were expected to place on record the accounts for the relevant period and they cannot be permitted to rely on accounts pertaining to year prior to 1988. 2 The applicants assure to place the relevant accounts on record before the next date of hearing. 2. It will be open to the Applicants to take inspection of the record available with the Official Liquidator. If the Applicants are unable to trace the relevant accounts for the relevant period, may take such steps, as may be necessary, but shall ensure that the relevant accounts are placed on record before the next date of hearing. 3. There is yet another aspect, which needs to be kept in mind while considering the present application. This Court by Order dated 3rd July, 2008, called upon the Applicants to arrange for sum of Rs.2 Crores to show their bonafide. Inspite of extension already given to the Applicants amount is not forthcoming. Once again the Counsel for the Applicants seeks further time to deposit the amount of Rs.2 Crores as specified in Order dated 3rd July, 2008. By way of further indulgence and as last opportunity, the Applicants are granted further time to deposit amount of Rs.2 Crores on or before 6th December, 2008, failing which, Office shall treat this Application as having been dismissed for non-prosecution without further reference to the 3 Court which was noted in the self operative order passed on 3rd July, 2008 itself. 4. If amount is deposited within time, the Application be listed on 8th December, 2008. 5. It is however, made clear that the Applicants shall file accounts for the relevant period as aforesaid on or before 6th December, 2008, failing which the Application be treated as dismissed for non-prosecution without further reference to the Court. If steps are taken in time with regard to the above by the Applicants, this Application be listed on 8th December, 2008, high on board. 5. Insofar as the Official Liquidator’s Report is concerned, on the dismissal of the Company Application No.359 of 2004, the Office shall proceed on the assumption that the directions in terms of prayer clauses (a) and (b) of the Official Liquidator’s report dated 4th October, 2005 have been granted. The Official Liquidator shall then proceed to take necessary steps for sale of concerned properties by following appropriate procedure and seeking further direction of the Court, if required. 4 6. However, if the Company Application No.359 of 2004 remains alive and will have to be proceeded on merits, the Official Liquidator’s Report dated 4th October, 2005 shall also be placed for hearing alongwith the said application. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)