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2015 (3) TMI 413 - KARNATAKA HIGH COURTApplication by Office Liquidator in relation to declaration of dividend - To seek dispensation of filing of Form 137 - To seek permission of sending Form 138 by speed post instead of under certificate of posting - Held that:- Insofar as the permission to declare the interest at 4% per annum as sought is to be permitted as the same being done pursuant to the orders of this Court. Insofar as dispensation of publication of notice of declaration in Form 137, the same is also granted. Insofar as other permission that has been sought requires consideration in the background of the application filed in C.A.No. 1348/2014, which is filed by M/s.Mysore Acetate and Chemicals Company VRS Employees Association. In the said application, they seek that the interest on the claim made by the members of the applicant/association be paid to the association in compliance of the order passed in C.A.No. 1072/2011. The applicant therein, infact, is seeking to facilitate the payment to its members as they are scattered in different parts of the State and the Official Liquidator may not be in a position to contact each of them. The Official Liquidator, therefore, instead of dispatching Form 138 through 'speed post' shall deliver the same to the office bearers of the applicant in C.A.No. 1348/2014. The office bearers shall secure all particulars from its members including the details of their bank account number so as to facilitate payment by RTGS to the concerned employees. The necessary documents, which are to be obtained from members of the applicant in C.A.No. 1348/2014, shall be delivered to the office bearers by the Official Liquidator. On submission of the details, the payment to be made in respect of each of the employees, who are the members of the association, shall be done forthwith to the account number furnished by the association on behalf of the employees. If the applicant/association does not furnish the details of all the 517 members, payment as indicated shall be made only in respect of the employees, whose details are furnished by the applicant/association. In respect of unclaimed dividend, Official Liquidator is permitted to comply with the provision of Section 555 of the Companies Act. Leave to open the account is also granted.
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