Sunday, August 28, 2011

REVISED PROCEDURE TO BE FOLLOWED FOR FILING OUR CALIM WITH LIQUIDATOR.

Dear Investors,
As promised in my earlier mail, I am giving REVISED PROCEDURE TO BE FOLLOWED FOR FILING OUR CALIM WITH LIQUIDATOR.
(This revised procedure & revised Exhibit-A is also given in the attachment to my mail)
NOTE: PLEASE NOTE THAT THE PROCEDURE IS THE SAME AS OUTLINED EARLIER EXCEPT THE FILE DATE HAS BEEN INCORPORATED IN EXHIBIT-A FORMING PART OF FORM 66 AND SUITABLE MODIFICATIONS MADE IN THE PROCEDURE ACCORDINGLY.
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 Mumbai 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:
FOR FILING CLAIM IN RESPECT OF CITY LIMOUZINES (INDIA) LTD.
     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 ”B” of Exhibit - A forming part of Form No. 66.
     3.    Fill in File date in column ”C”
     4.    Fill in the receipt number in column “D”.
     5.    Fill in the City Limouzines (India) Ltd. receipt amount in column ”E”.
6.  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 ”F”.
7.   Consider only payments received by you from City Limouzines (India) Ltd. account using City Limouzines (India) Ltd. cheque book.
8.  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 ”G”.
9.  Add amounts in column “E” & column “F” and subtract the amount from column “G” and fill the result in column “H”.
10.  Original Form No. 66 should have a court fee stamp of Rs. 5/- affixed on the top and the Form needs to be Notarized. Form 66 can be on white legal size paper. Don’t forget to attach Exhibit – A forming part of Form No. 66 with Notary Public seal.

11.  Attach photocopies of all City Limouzines (India) Ltd. receipts entered by you in column “D” of Exhibit-A which forms part of attachment with Form No. 66.

12. 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.

13.  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.

14.  You can follow similar procedure for other schemes of City Group of Companies. However, this should be done only when the Official Liquidator is appointed for the respective company 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.
RAVI PURI

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