JUDGMENT (Prayer: Application filed under Section 481 of the Companies Act, 1956 read with Rule 9 and 11(b) of the Companies (Court) Rules, 1959 praying a) to take this report on record; b) To pass an order that, it is just and reasonable to dissolve M/s.Golden Films Private Limited (under liquidation) finally u/s.481 of the Companies Act, 1956 and accordingly to pass consequential orders; c) to permit the Official Liquidator to file the final account along with Auditor's Certificate received from Chartered Accountant M/s.Sarathy & Vasu, who was appointed by this Court; d) To permit the Official Liquidator to transfer, refund, if any received from the Income Tax Department on a future date to undistributed assets account under Section 555 of the Companies Act, 1956; e) To grant permission to transfer the balance amount lying to the credit of the company in Liquidation to the Companies Liquidation Account as Undistributed Assets as envisaged under Section 555(2) of the Companies Act, 1956 after meeting all the expenses related to the winding up proceedings of the subject company including the present application; f) To permit the Official Liquidator to dispose of books and papers of M/s.Golden Films Private Limited immediately after the expiry of 5 years from the date of dissolution of the company as per Section 550(1) and (2) of the Companies Act, 1956; g) To pass such further or other order/s as this Court may deem fit and proper in the circumstances of the case.) 1. This common order will now dispose of the captioned Company Application i.e., Company Application No.309 of 2022 and captioned main Company Petition i.e., 'Company Petition No.30 of 1963' [hereinafter 'main CP' for the sake of brevity, convenience and clarity]. 2. 'Golden Films (P) Limited' [hereinafter 'said company' for the sake of brevity and convenience] is the Company which has gone into liquidation in the captioned main CP at the instance of some petitioning creditors. 3. Captioned application has been taken out by the 'Official Liquidator attached to this Court' [hereinafter 'OL' for the sake of brevity] inter alia under Section 481 of 'The Companies Act, 1956' [hereinafter 'said Act' for the sake of convenience and clarity] with a prayer for dissolution of said Company. 4. 3. Captioned application has been taken out by the 'Official Liquidator attached to this Court' [hereinafter 'OL' for the sake of brevity] inter alia under Section 481 of 'The Companies Act, 1956' [hereinafter 'said Act' for the sake of convenience and clarity] with a prayer for dissolution of said Company. 4. Mr.Pamarthi Sridhar, learned OL who is before this Court submits that 'a report dated 25.08.2022' [hereinafter 'said report' for the sake of convenience] has been filed in support of captioned application. Adverting to said report, learned OL submits that this Company Court in and by an order made way back on 04.09.1964 appointed the OL as Liquidator qua said Company with directions to take charge of assets and effects of said Company. Thereafter, the trajectory which the liquidation process took and what unfurled as part of the liquidation has been set out in Paragraphs 3 to 13 of said report, which read as follows: 3. That the company's Registered office was situated at 49/1, Karaneeswarar Koil Street, Mylapore, Chennai - 600 004. The Official Liquidator took possession of the books of accounts, records, movables and immovable assets of the company in liquidation. The company in liquidation owned a land at Arcot Road, Virugambakkam, Chennai to an extent of 23 acres and 66 cents with building and structures on it. 4. That this Hon'ble High Court, by an order dated 17.12.1976 sold the said property at Virugambakkam to Central Warehousing Corporation for a sum of Rs.20,00,000/-. Upon remittance of the entire sale consideration of Rs.20,00,000/-, the Official Liquidator handed over the property to the Central Warehousing Corporation. 5. That pursuant to the order of this Hon'ble High Court dated 02.07.1967, claims were invited from the creditors in terms of section 474 of the companies Act, 1956 read with Rule 148 of Companies (Court) Rules, 1959. In response to the paper publication, the Official Liquidator received 15 claims from various categories of creditors and the said claims were adjudicated based on the documentary evidence submitted by them and settled their claims by making payment of 100 paise in a rupee to the creditors. The details of adjudication / disbursement made are as follows: S.No. Nature of Claim No. of claims recd. The details of adjudication / disbursement made are as follows: S.No. Nature of Claim No. of claims recd. Amount claimed Amount admitted Remarks 1 Wages and other duties 3 7,365.15 Rs.1946/- (pref) Rs.535/- (ordy.) Transferred to Registrar of Companies as unpaid dividend 2 Ordinary 2 2,12,441.33 1,43,345/- 100% paid 3 Ordinary 5 8,71,536.66 5,56,490/- Transferred to Registrar of Companies as unpaid dividend 4 Govt. dues 1 8,702.94 8703/- -do- 5 Ordinary 1(dup.) - - - 6 Ordinary 3 9,35,368.92 - Rejected Total 15 20,35,415 7,11,019/- 6. That subsequently, as per the orders of the Hon'ble High Court, Madras dated 19.06.2006 made in C.A.No.830 of 2004, a dividend account was opened with Pubjab National Bank, NSC Bose Road, Chennai for a sum of Rs.51,28, 415.09. However, out of unpaid dividend amount of Rs.49,50,822.09 received from the bank, only a sum of Rs.5,65,728/- was transferred to Registrar of Companies, Chennai. Since more than 57 years have elapsed after the passing of wining up order and also in view of shifting of Official Liquidator office from Kurlagam Building to the present Corporate Bhavan, the relevant files could not be traced to ascertain the reason for such transfer of Rs.5,65,728/- against the amount received from the bank. 7. Subsequently, another dividend amount was opened for a sum of Rs.15,25,850.82 on 10.12.2020 to settle the 4% interest from the date of winding up till the date of payment among the creditors and also 100% dividend to one creditor whose claim was readjudicated for Rs.1,03,901/- as per the Hon'ble High Court, Madras order dated 06.11.2020 made in C.A.No.250 of 2020. Since no response was received from the creditors, the entire amount of Rs.15,25,850.82 received towards unpaid dividend amount from Punjab National Bank, NSC Bose Road, Chennai was transferred to Registrar of Companies, Chennai on 10.06.2021. 8. Further, it is submitted that the Official Liquidator has invited claims from the contributories to prove their claims by effecting paper publication in the newspapers, viz., "The New Indian Express" and "Dinamani" on 24.01.2021 as approved by this Hon'ble Court, fixing the last date as 15.02.2021 as per the Hon'ble High Court, Madras order dated 06.11.2020 made in C.A.no.250 of 2020. But, no claims of contributory were received. 9. That the fund position of the company in liquidation as on 22.08.2022 is mentioned below: Cash : Rs. 26.00 Bank : Rs. 94,524.00 Investment : Rs. 78,94,000.00 Rs. 79,88,550.49 10. But, no claims of contributory were received. 9. That the fund position of the company in liquidation as on 22.08.2022 is mentioned below: Cash : Rs. 26.00 Bank : Rs. 94,524.00 Investment : Rs. 78,94,000.00 Rs. 79,88,550.49 10. That it is submitted that as per the available records of this office, a sum of Rs.12,410/- and 24,410/- for the Assessment Years 2019-2020 and 2020-2021 respectively to be received as refund from the Income Tax Department. As the total amount to be received as refund from Income Tax Department is less than Rs.39,000/- and if the same is received in future from them, the Official Liquidator may be permitted to transfer to undistributed assets account in terms of provision of Section 555(2) of the Companies Act, 1956. 11. It is submitted that the final amount along with the "Auditor's certificate on final Account" received from the Chartered Accountant M/s.Sarathy & Vasu, an auditor appointed by this Hon'ble Court are enclosed & collectively marked as Annexure-"A" for the kind perusal of this Hon'ble Court. 12. That it is submitted that the Official Liquidator may be permtited to transfer the balance amount lying in the credit of the company in liquidation to the company's liquidation account as undistributed assets as envisaged under Section 555(2) of the Companies Act, 1956, after meeting out all the incidental charges. 13. That it is submitted that more than 57 years has elapsed since the passing of winding up order and in view of the above submissions, the Official Liquidator could not continue to proceed with the winding up of the company in liquidation and it would be just and reasonable in the circumstances of the case to dissolve the company under liquidation as envisaged under Section 481 of the Act. ' 5. A careful perusal of the aforementioned paragraphs of said report makes it clear that the OL has invited claims from contributories to prove their claims by effecting paper publication in leading Tamil and English dailies as approved by this Company Court but no claims have been received from the contributories. To be noted, other requirements qua liquidation have been complied with. To be noted, other requirements qua liquidation have been complied with. The fund position of the said Company has been articulated in Paragraph 9 but in the captioned application there is a prayer for transferring the balance to the public account of India in 'Reserve Bank of India' ['RBI'] inter alia under subsection (2) of Section 555 of said Act. 6. In the light of the narrative thus far, this Court after perusal of said report and after hearing the submissions of learned OL is convinced that no useful purpose would be served by retaining on file captioned main CP which will turn 60 next year. To be noted, captioned CP is of the year 1963 and 60 years is history. In history of automobile industry 60 years may be vintage, but it is ancient in litigation canvas. This Court is also of the considered view that retention of main CP on the file of this Court will be a 'penny wise pound foolish' and it will not serve anybody's purpose. This Court is also of the view that prayer for dissolution under Section 481 of said Act can be acceded to inter alia in the light of the prayer for transfer of balance to the public account of India in the RBI. To put it in a nutshell, this Company Court is of the opinion that there are sufficient reasons to come to the conclusion that just and reasonable circumstances for dissolution of said Company exist. 7. The transfer of balance to the public account of India in the RBI vide prayer limb (e) in the captioned application shall be done by OL after making standard statutory permissible deductions (if any) as expeditiously as possible as the business of the OL would permit and in any event within eight weeks from today i.e., by 28.10.2022. 8. As regards limb (f), this Court is informed that the Central Government has made rules for destruction of physical records in the office of the OL and the same are traceable to sub-sections (1) and (2) of Section 550 of said Act. The physical records in the office of OL and destruction of the same can be done in accordance with said Rules. The physical records in the office of OL and destruction of the same can be done in accordance with said Rules. Be that as it may, it is made clear as far as physical records qua main CP and application/s thereat in this Company Court are concerned, the same shall be governed by digitization which is now underway as the digitization process in this Court would be making provision for destruction of physical records also. 9. Captioned application ordered as prayed for. Consequence/sequitur is Golden Films (P) Limited is dissolved. OL is discharged. Captioned application and captioned main CP are disposed of in the aforesaid manner. There shall be no order as to costs.