1 IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL ORIGINAL ORIGINAL CIVIL JURISDICTION CIVIL JURISDICTION CIVIL JURISDICTION OFFICIAL OFFICIAL OFFICIAL LIQUIDATOR’s LIQUIDATOR’s LIQUIDATOR’s REPORT DATED REPORT DATED REPORT DATED 14.6.2007 14.6.2007 14.6.2007 inin in COMPANY COMPANY COMPANY PETITION PETITION PETITION NO.467 OF 1998 NO.467 OF 1998 NO.467 OF 1998 O.L.R.No.C&E-III/92/2007 O.L.R.No.C&E-III/92/2007 O.L.R.No.C&E-III/92/2007 M/s M/s M/s Unicorn Unicorn Unicorn Latex Limited Latex Limited Latex Limited (in (in (in liquidation) liquidation) liquidation) Manoharlalji Manoharlalji Manoharlalji J.Tibrewala J.Tibrewala J.Tibrewala .. Petitioner .. Petitioner .. Petitioner Mr.P.Punjabi Mr.P.Punjabi Mr.P.Punjabi for for for SICOM SICOM SICOM Ms.K.V.Gautam, Ms.K.V.Gautam, Ms.K.V.Gautam, Dy.O.L.present Dy.O.L.present Dy.O.L.present CORAM CORAM CORAM : : : DR.D.Y.CHANDRACHUD, J DR.D.Y.CHANDRACHUD, J DR.D.Y.CHANDRACHUD, J DATED DATED DATED : : : 15th June, 2007 15th June, 2007 15th June, 2007 P.C. P.C. P.C. 1.1.1. In pursuance of the previous order of the court In pursuance of the previous order of the court In pursuance of the previous order of the court dated dated dated 12th April, 2007 the Official Liquidator has 12th April, 2007 the Official Liquidator has 12th April, 2007 the Official Liquidator has sought sought sought permission permission permission to appoint a Chartered Accountant to appoint a Chartered Accountant to appoint a Chartered Accountant from from from the approved panel for filing Income tax the approved panel for filing Income tax the approved panel for filing Income tax returns returns returns for the year 2000-01 to 2007-08 (8 years) for the year 2000-01 to 2007-08 (8 years) for the year 2000-01 to 2007-08 (8 years) and and and calculation of capital gain tax on the sale of calculation of capital gain tax on the sale of calculation of capital gain tax on the sale of assets assets assets of the company in liquidation. The of the company in liquidation. The of the company in liquidation. The Liquidator Liquidator Liquidator has also sought permission of the court has also sought permission of the court has also sought permission of the court toto to pay the outstanding professional charges. pay the outstanding professional charges. pay the outstanding professional charges. Finally, Finally, Finally, the Liquidator has sought permission to the Liquidator has sought permission to the Liquidator has sought permission to release release release an amount of Rs.45,00,000/- in favour of an amount of Rs.45,00,000/- in favour of an amount of Rs.45,00,000/- in favour of SICOM SICOM SICOM Ltd Ltd Ltd on an undertaking that in case any future on an undertaking that in case any future on an undertaking that in case any future liability liability liability arises arises arises under section 529A, SICOM Ltd will section 529A, SICOM Ltd will section 529A, SICOM Ltd will bring bring bring back the requisite amount if so directed. back the requisite amount if so directed. back the requisite amount if so directed. 2 Official Official Official Liquidator ’s report is made absolute in Liquidator ’s report is made absolute in Liquidator ’s report is made absolute in terms terms terms of prayer clauses (a) and (b). The Official of prayer clauses (a) and (b). The Official of prayer clauses (a) and (b). The Official Liquidator Liquidator Liquidator is is is directed to release the amount within directed to release the amount within directed to release the amount within a period of two weeks from today subject to the period of two weeks from today subject to the period of two weeks from today subject to the filing filing filing of an undertaking in the aforesaid terms. of an undertaking in the aforesaid terms. of an undertaking in the aforesaid terms. (Dr.D.Y.Chandrachud, (Dr.D.Y.Chandrachud, (Dr.D.Y.Chandrachud, J) J) J)