P. Jyothimani, J. - (1.)THIS application is taken out by the official liquidator to take action for misfeasance against the ex -directors of the company under liquidation and for further reliefs.
(2.)BASED on the orders of the Board for Industrial and Financial Reconstruction and the subsequent order passed by this Court dated 9 September, 2004, in Company Petition No. 215 of 2003, Lakshmi Synthetics Machineries Manufacturers Ltd., came to be wound up and the official liquidator, as liquidator of the company, has taken charge of the available assets and effects of the company, which is having its registered office and factory premises at Nallattipalayam, Thamarai Kulam (P.O.), Pollachi Taluk, Coimbatore District, consisting of land and building, plant and machinery and other assets and vehicles, etc.
The said company was incorporated in the year 1988 with a nominal capital of Rs. 4,65,75,000 having registered office at No. 1100, Avanashi Road, Coimbatore -37 and the factory premises is situated at Nallatti palayam, Thamarai Kulam (P.O.), Pollachi Taluk, Coimbatore District. The registered office of the company was later shifted to the factory premises on 7 May, 2003. The main object of the company was to develop cheaper version of draw text rising machine.

(3.)AS per the records, the Respondents in these applications were directors of the company and the statement of affairs filed by the ex -directors shows that the following are the secured creditors of the company:
(i) Union Bank of India, Coimbatore.

(ii) State Bank of India, Coimbatore.

(iii) Corporation Bank, Coimbatore.

(iv) Industrial Development Bank of India, Bombay.

(v) Industrial Finance Corporation of India, New Delhi.

(vi) The Industrial Credit and Investment Corporation of India Ltd. (subsequently assigned to Standard Chartered Bank).