THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.675 of 2010 27th December, 2011 Between :- M/s.Samvidha Chit Funds P.Ltd. (in Liqn) Rep.by the Official Liquidator, High Court of A.P., Hyderabad .. Applicant And S.Padmakara Rao and others .. Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.675 of 2010 ORDER:- This Company Application has been filed by the Official Liquidator representing M/s.Samvidha Chit Funds P.Ltd., (in Liqn) under Section 543 (1) of the Companies Act, 1956 seeking declaration that the respondents being the Promoters/Directors/Officers of M/s.Samvidha Chit Funds Ltd., had misapplied, retained or become liable or accountable for the money of the Company or were guilty of the misfeasance and breach of trust in relation to the said Company in the matter of conduct of the business of the Company and their negligence in recovery of trade debts of the Company. This Court by an order dated 9-9-2005 made in C.P.No.189 of 2004 directed for winding up of M/s.Samvidha Chit Fund (P) Ltd. Consequent upon which, the Official Liquidator attached to this Court came to be appointed as Liquidator of the said Company by virtue of the provisions of Section 449 of the Companies Act, 1956. The Official Liquidator after taking charge of the affairs of the Company noticed that the following debts have been time barred. Sl. No. Name of the subscriber Chit No. & Group Amount Due Rs. Last date of transaction/ cause of action arose on Relevant Ledger Extract is enclosed herewith and marked as 1. Smt.Kota Jhansi Rani & 3 others No.16 & SLT-4 58,000/- 28-08-2000 Annexure-A 2. Sri G.Kanakadurga Prasad & 3 others No.35 & SLE –06 18,750/- 26-02-2001 Annexure-B 3. Smt.K.Suryaprabha- vathi & 3 others No.21 & SLE-06 22,500/- 05-02-2001 Annexure-C 4. Sri Polepalli Surendra Nath & 3 others No.7 & SLT-04 66,000/- 20-10-2000 Annexure-D 5. Sri Davaluri Krishna Rao & 3 others No.10 & SLE-05 31,250/- 08-01-2000 Annexure-E 6. Sri Tellamekala Prasad & 6 others No.3 & SLT-07 65,000/- 06-06-2001 Annexure-F 7. Sri Battu Srinivasa Rao & 4 others No.36 & SLT-07 72,500/- 24-08-2001 Annexure-G The instant application has been moved against the respondents on the ground that they have not conducted the affairs of the Company properly and thereby caused loss to the Company. Summons to respondents came to be ordered on 25-8-2010. Respondents No.2 to 4 filed a memo stating that they paid Rs.3,34,000/- to the Official Liquidator. Since respondents No.2 to 4 have paid the amount, no further proceeding need be conducted in this application. Accordingly, the Company Application is dismissed as redundant. ________________________ B.Seshasayana Reddy, J 27th December, 2011 smr