IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.83 OF 2005 IN COMPANY PETITION NO.735 OF 1997 Prakash Hassaram Mahtani ...Applicant Versus The Official Liquidator, ...Respondent Liquidator of Reacto Papers India Ltd. ALONG WITH COMPANY PETITION NO.735 OF 1997 AND OFFICIAL LIQUIDATOR’S REPORT DATED 08/08/2005 M/s.Times Guaranty Financials Ltd. ...Petitioners ...... Mr.M.B.Amin for Applicant/Ex-director. Mr.Dinesh Dubey i/b Mr.Ashish Agarwal for M/s.Times Guaranty Financials Ltd. Mr.S.C.Gupta, Official Liquidator is present. ...... CORAM: A.M.KHANWILKAR, J. CORAM: A.M.KHANWILKAR, J. CORAM: A.M.KHANWILKAR, J. AUGUST 12, 2005. AUGUST 12, 2005. AUGUST 12, 2005. P.C. P.C. P.C. : 2 : 1. Perused the report of the Official Liquidator dated 8th August 2005. Counsel for the ex-director/Applicant in the Company Application submits that instead of requiring the Applicant/Ex-director to deposit sum of Rs.80,000/- (Rupees Eighty Thousand) with the Official Liquidator towards advertising charges for publication of notice in local newspapers Lokmat in Marathi and Indian Express in English both published from Nasik as well as Mumbai respectively as required, the Applicant ex-director will himself facilitate publication of advertisement as is required by the Rules and directed by the Official Liquidator. 2. In view of this arrangement, which is acceptable to the Official Liquidator, the Ex-director/Applicant instead of depositing sum of Rs.80,000/- (Rupees Eighty Thousand) in the Office of the Official Liquidator, shall publish the advertisement in the form approved by the Official Liquidator and on the terms and conditions specified by the Official Liquidator relating to the newspapers and the editions thereof. These : 3 : formalities be complied within three weeks from today. 3. In view of this order, direction sought by the Official Liquidator in terms of clause (b) is granted. 4. Insofar as reliefs claimed in the Company Application is concerned, Official Liquidator has no objection in granting reliefs in terms of prayer clause (a). 5. Company Application is made absolute only in terms of prayer clause (a). 6. Insofar as prayer clause (b) of the Company Application is concerned, Official Liquidator may furnish available information to the Applicant, after the claims are invited and processed by the Official Liquidator. 7. The proposed meeting of share holders, specified creditors, statutory and unsecured creditors of the Company shall be held under the : 4 : chairmanship of independent person, one amongst the empanelled Chartered Accountants, of good standing. 8. Application disposed of on the above terms. Liberty to apply for further directions if required in relation to convening of meeting. 9. It is made clear that the Official Liquidator will participate in the proposed meetings as is the requirement under Section 391 of the Act. 10. Insofar as direction in terms of prayer clause (a) of the Report of the Official Liquidator, that will be considered after four weeks. A.M.KHANWILKAR, J.