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2010 (5) TMI 404 - HIGH COURT OF KARNATAKAWhether the applicant proves that the respondents are liable to make good ₹ 26,83,000 with interest at 18 per cent p.a. with effect from 26-2-1999 being the difference of value declared in statement of affairs and the valuation by M/s. KSFC on 19-9-2002 in respect of the fixed assets, plant and machinery, furniture and fittings, etc.? Whether the applicant proves that the respondents are liable to pay ₹ 1,61,605 with interest at 18 per cent p.a. from 26-2-1999 as disclosed in the head of account, loan and advances in the audited balance sheet, made up to 31-3-1998 which was not realised? Whether the applicant proves that the respondents are due and payable ₹ 6,096 and ₹ 18,126 under the head of account, cash in hand and cash at Bank as disclosed in the audited balance sheet made up to 31-3-1998 together with interest at 18 per cent from the date of winding up order, i.e., 26-2-1999 ? Held that:- It is no doubt true that in the balance sheet Ex.P3 duly signed by 1st respondent Managing Director of the company as on 31-3-1993 discloses ₹ 1,61,605 towards loans and advances as detailed in Schedule-I. So also under the head of account cash in hand and Bank discloses ₹ 24,222 which the ex-directors, respondents herein have failed, in the first place, to deposit with the Official Liquidator and in the second, make available necessary material particulars of the Bank so as to make good the said sum. Apparently, this claim is not opposed by filing statement of objections or tendering evidence of the respondents. In fact, learned counsel for the respondent states that he has no instructions. In that view of the matter, it cannot but be said that the respondents are guilty of misapplication, retention and become liable and accountable for money of the applicant-company. Having regard to the fact that the amounts due to the company are retained by the ex-directors, it is appropriate to levy interest at the rate of 12 per cent p.a. on the said sum as against the claim for interest at the rate of 18 per cent p.a.In the result, the application is allowed in part. The respondents are jointly and severely liable to pay ₹ 1,85,827 with interest at 12 per cent with effect from 22-6-1999 up to the date of payment.
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