Saturday, July 16, 2011

Dear Investors,
As promised in my last mail earlier this week, I am sending all the details for filing your claims.
(This procedure is also given in the attachment to my mail)
Since the Liquidator has been appointed only for City Limouzines (India) Ltd., we can only file our Claim in respect of City Limouzines (India) Ltd. to the Liquidator so appointed by the Bombay High Court for legally winding up City Limouzines (India) Ltd. affairs.
Only one claim per individual, irrespective of the number of cases (of investments) may be filed. So a consolidated Claim for all the investments in City Limouzines (India) Ltd. needs to be made, officially in the prescribed Format to the Liquidator appointed by Court, to qualify for any final settlement in favour of the investors by the Court. Please note if no Claim is lodged with the Official Liquidator then no share of such investor in the final outcome of the settlement/official winding up of the Co., will be entertained later since such investor will not be considered an official creditor of City Limouzines (India) Ltd.

I will take the example of a Combo Scheme case and explain the procedure, as below:
     1.    You have been issued 3 Receipts in respect of the Combo Scheme.  1st receipt is from City Limouzines (India) Ltd., 2nd Receipt is from City Realcom Ltd. and the 3rd Receipt is from City Co-Op. Credit Society. Take the value of City limousines (India) Ltd. receipt only for filing claim with City Limousines (India) Ltd.
     2.   Fill in the file No. in column ”A” of Exhibit - A forming part of Form No. 66.
     3.    Fill in the City Limouzines (India) Ltd. receipt amount in column ”B”.
     4.    Fill in the receipt number in column “C”.
5.  Take your copy of the Agreement on Stamp Paper of City Limouzines (India) Ltd. If it says for eg., a sum of Rs. 6,250/- will be paid every month for 5 years (60 months), this means that the amount to be paid, as per the Stamp Paper Agreement, is Rs. 3,75,00/- (6,250X60=3,75,000). Fill this amount in column ”D”.
6.   Consider only payments received by you from City Limousines (India) Ltd. account using City Limouzines (India) Ltd. cheque book.
7.  Take a total of all the cheques received from City Limouzines (India) Ltd. account using City Limouzines (India) Ltd. cheque book. That is the amount paid by City Limouzines (India) Ltd. to us. Fill this amount in column ”E”.
8.  Add amounts in column “B” & column “D” and subtract the amount from column “E” and fill the result in column “F”.
9.  Original Form 66 should have a court fee stamp of Rs. 5/- affixed on the top and the Form needs to be notarized. I understand that Mumbai Liquidator is accepting Form 66 only on green coloured paper. Don’t forget to attach Exhibit – A forming part of Form No. 66.
10.  Attach photocopies of all City Limouzines (India) Ltd. receipts entered by you in column “C” of Exhibit-A which forms part of attachment with Form no. 66.
11. Form No. 66 (partly filled) with Exhibit-A is attached with this mail. In case you cannot see the attachment here, please go to the following link and follow the steps. You will be directed to a page where you can see and download all the attachments.
11.  Address a letter to the Liquidator enclosing the original as well as photocopy of Form 66 and Exhibit-A. (Draft of covering letter attached) requesting the Liquidator to return the photocopy of Form 66 together with Exhibit - A as proof of receipt. Please enclose a stamped self-addressed envelope for this purpose.
12.  You can follow similar procedure for other schemes of City Limousines (India) Ltd. However, this should be done only when the Official Liquidator is appointed by the Court.
All the above documents should be sent to:
Official Liquidator,
High Court, Mumbai,
5th Floor, Bank of India Building,
Mahatma Gandhi Road, Fort,
Mumbai – 400023
Tel:  022-22675008, 022-22670024, 022-22671851
Please note that the above is my interpretation based on my meetings with a couple of senior lawyers. You are requested to use your judgment and discretion while filing the documents.
REQUEST: May I request some of the investors to go to the Liquidators office in Mumbai and clarify the following points.
  1. Would the Liquidator’s office accept Form No. 66 only on green coloured paper (as intimated to one of the investors from Delhi earlier) or they would accept the same on plain white legal size paper as well?
  2. Would they accept the mail sent to them by registered post/speed post/courier or by ordinary post/ordinary post under proof of posting?
  3. Confirm whether the phone nos. of Official Liquidator’s office are correct.
  4. Any other remarks or suggestions from Official Liquidator’s office regarding form No. 66 and its attachment.
Other enlightened investors may also offer their valuable suggestions for the benefit of all the investors.
I suggest that the investors could wait for the above clarifications before taking any action.

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