Allowed

Official Liquidator of Shetty Coastal Development Pvt. Ltd. (in Prov. Liqn.) v. Mrs. Motee J.Mormuedi (Petitioner)

Bombay HC18 Mar 2026OLR/65/2026

Case brief

AI extract

What is this about?

The Official Liquidator filed a report seeking court directions to declare and pay a dividend to Kalyan Janata Sahakari Bank Ltd. The High Court granted leave to declare the dividend, dispense with newspaper notice requirements, forego the separate dividend account, and permit payment via NEFT/RTGS within six months with transfer of unclaimed funds to the liquidation account.

What did the court decide?

Permission granted to declare dividend, dispense with newspaper notice and separate account requirements, pay via NEFT/RTGS within six months, and transfer unclaimed amount to Registrar.

Official Liquidator of Shetty Coastal Development Pvt… — Company and Corporate | Bombay HC (2026)

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902-OLR-65-2026.DOC

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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OFFICIAL LIQUIDATOR REPORT NO. 65 OF 2026

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COMPANY PETITION NO. 990 OF 2002

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In the matter of the Companies Act,1956

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And

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In the matter of Shetty Coastal Development Pvt Ltd. (in Liquidation)

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Mrs. Motee J. Mormuedi

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...Petitioner

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Ms. Apurva Thipsay, for Official Liquidator.

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Mr. Satyajit Roul, Official Liquidator present.

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Mr. Chetan Shelke, Deputy Official Liquidator present.

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CORAM : ARIF S. DOCTOR, J. DATE : 18th MARCH 2026

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P.C.

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Heard Ms. Thipsay, learned counsel appearing on behalf of the Official Official Liquidator, who by way of the captioned Official Liquidator Report seeks the following directions/ order:

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“a) In view of Para (11) above, whether this Hon'ble Court may be pleased to permit the Official Liquidator to declare dividend @1.24 paise in a rupee out of the funds available to the credit of the Company (In Prov.Liqn.) for the sum of Rs.6,01,484/- (Rupees Six Lakh One Thousand Four Hundred Eighty Four Only) to The Kalyan Janata Sahakari Bank Ltd under Section 529 of Companies Act, 1956;

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b) In view of para (12) above, whether this Hon'ble Court would be pleased

Areeb

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902-OLR-65-2026.DOC

to dispense with the requirements of Rule 276 of the Companies (Court) Rules 1959 in respect of newspaper advertisement and permit the Official Liquidator to send the individual dividend notice to the claimant by Speed Post A.D. to its last known address and payment to claimant will be made through NEFT/RTGS to their Bank A/c as per details been provided by the claimant in the ECS mandate form;

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c) In view of para (13) above, whether this Hon'ble Court would be pleased to dispense the requirements of opening "Separate Dividend Account" under Rule 290 of the Companies (Court) Rules, 1959 and allow the Official Liquidator to pay the dividend @1.24 paise in a rupee of Rs.6.01.484/(Rupees Six Lakhs One Thousand Four Hundred Eighty Four Only) from the funds lying to the credit of Company's account maintained by the Official Liquidator office;

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d) In view of para (14) of this report, whether this Hon'ble Court may be pleased to allow to pay dividend within a period of six months from the date of passing of this report and thereafter to transfer the unpaid /unclaimed amount to the Companies Liquidation Account maintained by the Registrar of Companies under Section 555 of Companies Act.”

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Ms. Thipasay, points out that the Company in question has two secured creditors namely (i) Thane Janata Sahakari Bank Ltd. and (ii) Kalyan Janata Sahakari Bank Ltd. She submits that in so far as the first secured creditor is concerned, 100% of the dividend has been paid to the first secured creditor. She submits that the present Report has been taken out for making payment to the second secured creditor namely Kalyan Janata Sahakari Bank Ltd. She has invited my attention in particular to paragraph no. 9, which sets out as follows:

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“9. That as no claims was received from any workers, the Official Liquidator submits that by Order dated 19/10/2006, the Official Liquidator declared dividend to the Secured Creditor of the Company (In Prov.Liqn), The Thane Janata Sahakari Bank Ltd, being the 1st Charge holder was paid an amount of Rs.1,00,26,545/- towards final dividend @ 100 paise in a rupee out of the sale proceeds and The Kalyan Janata Sahakari Bank Ltd. the 2nd Charge holder, was paid amount of Rs.9,70,135/- being dividend @2 paise în a rupee out of the sale proceeds. A table providing detail of claims and dividend paid is mentioned

Areeb

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902-OLR-65-2026.DOC

below,”

Sr. No.	Particulars	Claims Received	Amount Admitted	Dividend Paid	Dividend Percentage
1.	The Thane Janata Sahakari Bank Ltd.	10,196,769	10,026,545	10,026,545	100%
2.	The Kalyan Janata	61,229,187	48,506,771	970,135	2%
	Sahakari Bank Ltd.
3.	M/s Dabhokar	760,000	760,000	0	-
		72,185,956	59,293,316	10,996,680

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Having heard Ms. Thipasay and having perused the Report, I find that the same would have to be allowed and is accordingly allowed in terms of prayer

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clauses ‘a’ to ‘d’.

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[ARIF S. DOCTOR, J.]

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Areeb

Official Liquidator of Shetty Coastal Development Pvt. Ltd. (in Prov. Liqn.) v. Mrs. Motee J.Mormuedi (Petitioner)

Case brief

What is this about?

What did the court decide?

Official Liquidator of Shetty Coastal Development Pvt. Ltd. (in Prov. Liqn.) v. Mrs. Motee J.Mormuedi (Petitioner)

Case brief

What is this about?

What did the court decide?

What the court decided

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