A.N. Ray, J. - (1.) This is an application for confirmation of a scheme of taking over with dissolution without winding up of two companies, viz. Krisp and Gold Bond.
(2.) The Official Liquidator has filed a report after a Chartered Accounts report was obtained. The said report has stated that a sum of Rs. 98 lakh being almost the entire share capital of Krisp was invested without earning any interest. The -report has also stated that in regard to Gold Bond a sum of Rs. 60 lakh approximately was invested earning an interest of Rs. 11 lakh only and that again 40 lakh rupees were paid for purchase of shares resulting in no income therefrom.
(3.) Mr. Mukherjee has stated that Krisp advanced 98 lakh rupees for purchase of shares to one company, Tug Investment, and that the purchase agreement was cancelled and the money was returned.;