1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH : NAGPUR COMPANY APPLICATION NO. 140 OF 2008 (In the matter of Various Companies Ltd. (In Liquidation) Office Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's orders or directions and Registrar's orders. CORAM : B.P. DHARMADHIKARI, J. JANUARY 30, 2009. Heard Official Liquidator. The prayer is to permit creation of separate fund provisionally as mentioned in prayer Clause (a) for payment of salary of Company paid staff and for other expenditures. It has been pointed out that Official Liquidators with various High Courts as mentioned in para 13 are already having such funds. It is pointed out that about 13 Companies mentioned in para 6 have no funds and hence while arranging the amount for expenditure in relation to those companies, Official Liquidator is facing problems. This Court had directed the publication of this proposal in Newspapers vide order dated 17.10.2008 by following the procedure prescribed in Rule 25 of Companies (Court) Rules, 1959. The Official Liquidator filed a pursis vide Stamp No. 13747 of 2008 on 18.12.2008 pointing out that the 2 advertisement has been so published. The said pursis and the advertisement accompanying it are not available on record of this Company Application but then the Office Note dated 14.1.2009 makes a reference to this pursis and also to Newspapers i.e. Lokmat Group, Nagpur, Hitavada, Nagpur, Indian Express, Mumbai and Loksatta, Mumbai. The Official Liquidator has shown his office copy for convenience of the Court. The advertisement has been published in Lokmat group of Newspapers on 4.12.2008 and other three Newspapers on 3.12.2008. The date of further consideration of the matter was informed therein as 19.12.2008. The matter was accordingly appeared before this Court on 19.12.2008 and the Official Liquidator pointed out that he did not receive any objections till then. Nobody appeared on 19.12.2008 even before this Court to raise any objection. In the circumstances, this Court on 16.1.2009 directed the Official Liquidator to place on record the exact figure of monthly salary required to be paid to company paid staff. Accordingly, the Official Liquidator has filed his statement dated 21.1.2009 mentioning the total 8 names as members of company paid staff with their salaries which totaled to Rs.32,787. The Official Liquidator has 3 also on 15.1.2009 filed pursis vide Stamp No. 646 of 2009 mentioning 31 companies in liquidation and interest earned annually on the amount in fixed deposits. It is mentioned that said amount is fetching annual interest of Rs.1,36,74,184/-. The proposal is to permit transfer of 50% of said annual interest to common pool fund as one time measure. In para 2 of this pursis, it has been mentioned that said 50% amount which works out is Rs.68,76,552/- and it will earn interest of Rs.6,18,889/- per year @ 9% and through it salaries of company paid staff can be defrayed. The Official Liquidator has also urged that for other expenses, this amount should be permitted to be used. He has also stated that the salaries of company paid staff have not been raised since last five years and salaries also need to be raised reasonably and hence more funds are required. The prayers can be considered independently and when made. For the present, 50% interest amount as suggested is allowed to be transferred to common pool fund as mentioned in prayer (a) of Company Application with direction that interest earned thereon should be used only for meeting the expenditure on company paid staff working in the office of Official Liquidator. 4 Company Application No. 140 of 2008 is allowed only to this extent and disposed of. JUDGE *GS.