JALDU ANANTHA RAGHURAMA ARYA Vs. EAST COAST TRANSPORT AND SHIPPING CO PRIVATE LTD

JUDGEMENT

(1.) This is an application under Section 460 (6) of the Companies Act (1 of 1956) for setting aside the order of the Official liquidator, dated 3/07/1960, rejecting claim No. 34 filed by the applicant.

(2.) The East Coast Transport and Shipping Company, Limited, Masulipatam (hereinafter referred to as the Company) was incorporated under the provisions of the Indian Companies Act in or about the year 1937. The main activity of the Company consisted in conducting the business of clearing and forwarding agents for loading goods in Masulipatam port into ships, which anchor at a distance from the shore, through country craft owned by it. Among the properties acquired by the company on its formation were the rights, interests and the benefits of all existing contracts then possessed by one P.V. Rangayya of Masulipatam and his family. This family may for the sake of brevity, be referred to as the Presingu family and is now represented by one Someswara Rao, who is the applicant in this application.

(3.) On its formation, the company entered into an agreement with Sri P.V. Rangayya as a consequent at which his business of stevedoring was taken over by the company as a going concern. In this application, we are not concerned with the further history of the company. It is sufficient to state that on an application filed by one of its shareholders, in O.P. No. 11 of 1956 the company was wound up by an/order dated 6/02/1957. Subsequently the assets of the Company were sold in public auction and were purchased by one M.V. Sastri, who will hereafter be referred !o as the respondent.