THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1693 of 2008 in Company Petition No.13 of 2002 Date : 10th March, 2010 Between: M/s.Mamatha Chit Fund (P) Limited, rep. by the Official Liquidator, High Court of A.P., Hyderabad. …Applicant a n d 1. Angadi Narsing Rao & Ors. …Respondents *** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1693 of 2008 In Company Petition No.13 of 2002 ORDER: This is an application filed by the Official Liquidator representing M/s.Mamatha Chit Fund (P) Limited (in provisional liquidation) under Section 446(2)(b) of the Companies Act, 1956 r/w. Rules 9 and 11(b) of the Companies (Court) Rules, 1959, for recovery of Rs.6,995.80ps. with interest @ 12% per annum from 09.09.2000 till date of realization from respondents 1 to 4 jointly and severally together with costs. 2. Notice came to be ordered on 19.01.2009. The 2nd respondent reported to have died. No steps have been taken against the 2nd respondent. Therefore, claim against the 2nd respondent is dismissed. Learned counsel appearing for the Official Liquidator not pressed the claim against 4th respondent. Therefore, the claim against the 4th respondent is dismissed as not pressed. 3. The 1st respondent herein is a prized subscriber to Ticket No.19 of Chit Group No.LP19E valued at Rs.50,000/ for a period of 50 months @ Rs.1,000/- each which inclusive of dividend per month and the chit Group commenced in the month of March, 1997, conducted by the applicant-Company (in provisional liquidation). The Official Liquidator attached to this Court has been appointed as provisional liquidator as per Order dated 20.03.2002 passed in C.P.No.13 of 2002. As per the records of the company (in provisional liquidation), the first respondent herein paid the chit subscription amount of Rs.43,000/- for 43 months for the period from 10.03.1997 to 09.09.2000 which include an amount of Rs.11,955.20 ps. towards dividend credited by the company plus a further sum of Rs.4.20 ps was shown as credit in column 10 of chit ledger folio aggregating to Rs.43,004.20 ps. leaving a balance liability of Rs.6,995.80 ps. The respondents 2 to 4 herein stood as guarantors and they executed an agreement of guarantee in favour of the company in provisional liquidation. Ex.A2 is the agreement of guarantee executed by the respondents 2 to 4 and Ex.A1 is the certified true copy of the promissory note executed by the respondents 1 to 4. The Official Liquidator issued a notice dated 25.03.2003 calling upon the first respondent to pay the amount due as per the chit ledger. The notice sent to the first respondent returned unserved with an endorsement “F/E”. 4. Heard learned counsel appearing for the Official liquidator representing the applicant company (in provisional liquidation) and perused the evidence of Pw-1 and the documents, which have been marked as Exs.A-1 to A-15. 5. The evidence of PW.1 and the documents, which have been marked as Exs.A1 to A15, amply prove the claim of the applicant Company (in provisional liquidation) against the respondents 1 and 3. 6. Accordingly, the Company Application is allowed and there shall be a decree against the respondents 1 and 3 jointly and severally to the extent of Rs.6,6995.80 ps. with interest at 12% per annum from 09.09.2000 till the date of decree and thereafter at 6% per annum till the date of realization with costs. The Company Application in respect of the respondents 2 and 4 is dismissed. _____________________ B.SESHASAYANA REDDY, J Date:10th March, 2010. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1693 of 2008 in Company Petition No.13 of 2002 Dated:10th March, 2010