C/OLR/57/2025 ORDER DATED: 10/10/2025 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/OFFICIAL LIQUDATOR REPORT NO. 57 of 2025 In R/COMPANY PETITION NO. 59 of 1983 ========================================================== OFFICIAL LIQUIDATOR OF M/S SURAT DAIRY COMPANY LTD. (IN LIQN) Versus NIRAJ PRAVINCHANDRA MODI & ANR. ========================================================== Appearance: SHIVANG A THACKER(7424) for the Applicant(s) No. 1 NOTICE NOT RECD BACK for the Respondent(s) No. 1 MS DHARA SHAH, ADVOCATE for the Respondent No. 2 ========================================================== CORAM:HONOURABLE MRS. JUSTICE MAUNA M. BHATT Date : 10/10/2025 ORAL ORDER 1. The present report has been filed by the Official Liquidator seeking the following orders as set out in paragraph No. 14 of the report thereof: A) This Hon’ble Court may be pleased to permit the Official Liquidator to pay 0.625% i.e. Rs. 5,99,076/- each of the total fund available in the company’s account to Mr. Niraj Pravinchandra Modi and Mr. Ketan Pravinchandra Modi being Respondent No. 1 as per verification report dated 11.02.2025 at annexure ‘C’ submitted by M/s. Amal Datt & Associates, Chartered Accountants as stated at para- 13 herein above. B) This Hon’ble Court may be pleased to permit the C/OLR/57/2025 ORDER DATED: 10/10/2025 Official Liquidator to pay 2.5% i.e. Rs. 23,96,305/- of total fund available in the company’s account to Mr. Devendra Vaikunthrai Shastri being Respondent No. 2 as per verification report dated 27.05.2025 at annexure “F” submitted by M/s. Amal Datt & Associates, Chartered Accountants as stated at para- 13 herein above. C) Such other and further orders and directions as may be considered just and appropriate by this Hon’ble Court may also be passed. 2. Learned advocate for the Official Liquidator submitted that the company in question was wound up by order dated 30.09.1983 passed by this Court in Company Petition No. 59 of 1983 and the Official Liquidator attached to this Court has been appointed as Liquidator of the company. This Court vide order dated 27.07.1999 passed in Company Application No. 124 of 1999 with Company Application No. 250 of 1999 confirmed the sale of 5570 sq. mtrs. of land of the company (in liquidation) situated at Village – Panas, Tal. Choryasi, Dist. Surat at the rate of Rs. 4,500/- per sq. mtrs. i.e. Rs. 2,50,65,000/- in favour of Shri Sunilkumar Harshadbhai Desai. 3. It is stated in the report that, pursuant to the order dated 29.04.2022 passed by this Court in OLR No. 30 of 2020, the Official Liquidator issued public advertisement on C/OLR/57/2025 ORDER DATED: 10/10/2025 29.04.2022 inviting claims from the creditors and workers under Section 529, 529A and 530 of the Companies Act, 1956. No Claims were received in response. 4. Thereafter, in terms of orders dated 06.10.2023 and 02.11.2023 passed by this Court in OLR No. 42 of 2023, the Official Liquidator issued further advertisement on 05.12.2023 inviting claims from Contributories. Pursuant to the advertisement, the claims were received from (i) Shri Niraj Pravinchandra Modi (ii) Shri Ketan Pravinchandra Modi (iii) Shri Devendra Vaikunthrai Shastri. 5. The Official Liquidator forwarded the said claims to M/s. Amal Datt & Associates, Chartered Accountant for verification. (i) By verification report dated 11.02.2025, the Chartered Accountant concluded that Mr Niraj Pravinchandra Modi and Mr. Ketan Pravinchandra Modi are each entitled to 0.625% of the total funds available with the company (in liquidation). (ii) By verification report dated 27.05.2025, the Chartered Accountant concluded that Mr. Devendra C/OLR/57/2025 ORDER DATED: 10/10/2025 Vaikunthrai Shastri is entitled to 2.5% of the total funds available with the company (in liquidation). 6. It is stated in the report that copies of verification reports were supplied to the respective contributories. (i) Mr. Niraj Pravinchandra Modi, by letter dated 23.07.2025, confirmed the entitlement determined by the Chartered Accountants. (ii) Mr. Devendra Vaikunthrai Shastri, by letter dated 18.07.2025 also confirmed his entitlement determined by the Chartered Accountant and stated that he held 500 equity shares out of the total 20000 equity shares of the company (in liquidation) 7. The Official Liquidator has stated that as of 31.07.2025, an amount of Rs. 9,58,52,214/- is available in the company’s account for distribution. 8. Having considered the Report of the Official Liquidator, the verification reports of the Chartered Accountant and the no objections received from the contributories, and there being no adverse claim, this court finds the recommendation just and proper. Page 4 of 5 C/OLR/57/2025 ORDER DATED: 10/10/2025 9. Accordingly, following directions are issued;- (i) The Official Liquidator is permitted to disburse 0.625% of the total fund available in the company’s account, i.e. Rs. 5,99,076/- each, to Mr. Niraj Pravinchandra Modi and Mr. Ketan Pravinchandra Modi, being Respondent No. 1, as per verification report dated 11.02.2025 submitted by M/s. Amal Datt & Associates, Chartered Accountants. (ii) The Official Liquidator is permitted to disburse 2.5% of the total fund available in the company’s account, i.e. Rs. 23,96,305/-, to Mr. Devendra Vaikunthrai Shastri, being Respondent No. 2, as per verification report dated 27.05.2025 submitted by M/s. Amal Datt & Associates, Chartered Accountants. 10. The Official Liquidator is further permitted to encash the FDR, if required, to make the aforesaid payments. 11. In view of above, present report is allowed in terms of prayer made in para-14(A) and 14(B) of this report, subject to above directions. (MAUNA M. BHATT,J) SHRIJIT PILLAI Original copy of this order has been signed by the Hon'ble Judge. Digitally signed by: PILLAI SHRIJIT P(HC01400), PRIVATE SECRETARY, at High Court of Gujarat on 10/10/2025 15:28:53