THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.941 of 2011 In R.C.C.No.17 of 1998 2nd September, 2011 Between :- M/S.AMEI Power Limited (in Liqn) Rep.by the Official Liquidator, High Court of Andhra Pradesh, Hyderabad .. Applicant And State Bank of Hyderabad Stressed Assets Management Branch 4-1-358/1/A, Reddy Hostel Road, Ramkote, Hyderabad and another .. Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.941 of 2011 In R.C.C.No.17 of 1998 ORDER:- This application has been filed by M/s.AMEI Power Limited (in Liqn) under Section 460 of the Companies Act, 1956 read with Rules 9, 11, 275 and 290 of the Companies (Court) Rules, 1959, seeking an order to declare a dividend @ 2.32% to SBH and Workmen aggregating to a sum of Rs.17,87,605.92 P.S., as detailed in Annexure-A to the application. This Court by an order dated 23-4-1999 made in R.C.C.No.17 of 1998 ordered for winding up of M/s.AMEI Power Limited and appointed the Official Liquidator as its Liquidator. As per the direction of this Court, the Official Liquidator sold the assets of the Company and realized Rs.4,87,50,000/-. The Official Liquidator invited the claims from the creditors of the Company as per orders dated 19-11- 2002 in C.A.No.889 of 2002 by way of publication of notice in ‘Deccan Chronical’ and ‘Eenadu’ on 22-11-2002 fixing the last date for receipt of claims as 15-12-2002. In response to the said notice, the Official Liquidator received 31 claims including the claims of workmen and SBH. The Official Liquidator adjudicated all the 31 claims by issuing respective Forms No.69/70, as the case may be. The Official Liquidator filed Form No.71 which has been taken on file as per orders in C.A.No.431/2003, dated 17-4-2003. As per the direction of this Court in C.A.No.632 of 2003, dated 31-7-2003, C.A.No.1273 of 2005, dated 8-12-2005 and C.A.No.305 of 2011 dated 23-3-2011, interim payments were made to the respondents. After disbursing the interim payments, an amount of Rs.19,99,511/- is available to the credit of the Company. Hence, this application seeking sanction to declare and disburse of dividend aggregating to a sum of Rs.17,87,605.92 P.S. Heard learned Counsel appearing for the applicant and perused the affidavit filed in support of the application. As on this day, an amount of Rs.19,99,511/- is available to the credit of the Company after adjustment of interim payments. Therefore, the application is ordered declaring a dividend @ 2.32% to the State Bank of Hyderabad and Workmen aggregating to a sum of Rs.17,87,605.92 P.S. i..e, Rs.11,53,805.18 P.S., to the State Bank of Hyderabad (1st respondent) and Rs.6,33,800.75 to 31 workmen ( as detailed in Annexure-B). The Official Liquidator is authorized to open a separate dividend account in Punjab National Bank and pay the dividend to the secured creditors out of the said accountin terms of Rule 290 of the Companies (Court) Rules, 1959. Publication of notice of dividend in newspapers id dispensed with. The Official Liquidator is authorized to send invidivual notices of dividend in Form No.138. In case of any of the workmen is no more, the Official Liquidator is permitted to disburse the same to his/her legal representative on production of Family Member Certificate or such other Certificate issued by the Revenue Authorities instead of producing a succession certificate and also upon furnishing personal identity in terms of Rule 280 of the Companies (Court) Rules, 1959. The Official Liquidator is authorized to transfer the unpaid dividend, if any, remaining in the dividend account, after expiry of six months period to Companies Liquidation Account in terms of Section 555 of the Companies Act, 1956. The Company Application is ordered. _________________________ B.Seshasayana Reddy, J 2nd September, 2011 smr