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Tamil Nadu Agro Industries vs The Official Liquidator on 24 February, 2011
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Madras High Court Tamil Nadu Agro Industries vs The Official Liquidator on 24 February, 2011 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 24.02.2011 Coram The Hon'ble Mrs. Justice R.BANUMATHI and The Hon'ble Mr. Justice M.M.SUNDRESH O.S.A.No.203 of 2010 Tamil Nadu Agro Industries Development Corporation Ltd., Agro House, industrial Estate, Guindy, Chennai-32 rep. by its Managing Director. .. Appellant Vs 1.The Official Liquidator, High Court, Madras As Liquidator of Dutch Rama Agro Foods Ltd. (in liquidation) now at Corporate Bhavan, 2nd Floor, No.29, Rajaji Salai, Chennai-600 001. 2.The Registrar of Companies, No.26, Haddows Road, Sastri Bhavan, Tamil Nadu, Chennai-6 (2nd Respondent impleaded as party vide order of the Court dt. 14.2.2011 in M.P.No.2/2010) .. Respondents. Appeals preferred against the order of this Court in Company Application No.2106 of 2008 in C.P.No.39 of 2001 dated 22.8.2008 For Appellant .. Mr.C.Venkatesalu For Respondents .. Mr.S.R.Sundar for R1 Ms.K.Latha Parimala Vadam for R2 JUDGMENT R.BANUMATHI,J Challenge in this intra Court Appeal is the order of learned single

2. The Appellant  Tamilnadu Agro Industries Development Corporation Limited was then jointly owned by Union of India and Government of Tamil Nadu registered under the Companies Act. Main objects of the appellant is to grow, raise, cultivate and deal in all types of mush rooms and mush room products and their by-products and also to carry on business of the farming in all its branches including dairy farming, fruit farming, vegetable farming, fish farming, etc., The Managing Director of M/s.Dutch Rama

Agro Foods Limited (in short, Rama Agro Foods") approached the appellant stating that it is processing and canning white button mushrooms and that it has to commence production . Believing the representation and the assurance made by the Managing Director of the said Company, the appellant paid Rs.40,00,000/- by Cheque bearing NO.046618 dated 8.5.1996 and the said Dutch Rama Agro Food Products issued 4,00,000 equity share certificates. Contrary to its assurance, the said Company did not commence business of button mushroom product. After issuing statutory notice, the appellant Company filed winding up petition under Sections 433, 437 and 439 of the Companies Act. By an order dated 3.7.2002 in C.P.No.39 of 2001, Rama Agro Foods was ordered to be wound up and the Official Liquidator was appointed as the liquidator of the said Company with directions to take charge of all the assets and effects of the company in liquidation. The appellant Company filed affidavit of claim and affidavit of proof of debt dated 7.2.2007 before the Official Liquidator claiming a total amount of Rs.97,79, 455/- as due and payable from and out of the assets of Rama Agro Foods

3. Case of Appellant is that by the orders of Government of Tamil Nadu, the entire operations and functions of Tamil Nadu Agro Industries Development Corporation was closed and entire staff and employees were retrenched with effect from 26.3.2002. According to the Appellant, case bundles numbering more than 60,000 were dumped in three rooms of the appellant Corporation and the original share certificates are not immediately traceable. Therefore, the appellant Corporation filed C.A.No.2106 of 2008 to direct the Official Liquidator to process the claim of the appellant for Rs.40,00,000/- on the basis of available records and books of accounts seized from the office of Rama Agro Foods without insisting on production of the original share