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2012 (5) TMI 1 - KARNATAKA HIGH COURTCompany in liquidation - maturity of fixed deposits - interest on such FD - held that:- what is to be noticed is that the said deposit receipts are not issued in the name of the company-in-liquidation, but in the name of the second respondent. However there is no dispute with regard to the fact that the money for the purpose of deposit has been kept with the third respondent-bank by the company-in-liquidation. The deposit receipts were lodged with the second respondent as a compliance of the requirement for the purpose of issue of Money Lenders licence. In that circumstance, for the company-in-liquidation to carry on its business of money lending, licence should have been in force till the date of winding up. If that be the position, the company-in-liquidation was required to have the money lending licence in force till 13.03.2002, unless the company-in-liquidation had made any positive efforts to see that the company does not require the money lending licence as the activities had come to a standstill. Therefore, first or the second respondent cannot be held liable for negligence as on the date of maturity, more particularly in a circumstance when the second respondent has acted immediately on receiving the communication from the Official Liquidator pursuant to the statement of affairs which had been filed by the Directors and when the second respondent had addressed a letter dated 27.07.2009 seeking for return of the certificates. Considering that the deposits had matured much prior to the date of winding up, it is the persons who were in charge of the company as on that day who need to explain if there was any lapse in that regard and the respondents cannot be held liable. Hence, the first prayer already having satisfied by the return of the documents, the second prayer cannot be granted for the reasons stated above. - Application of official liquidator dismissed.
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