Corruption in offices of Official Liquidators
1. Non preparation of inventory at time of possession by Official Liquidator in all thousands of companies in Liquidation. Assets are stolen before preparation of inventory. Difference in the date of possession and date of inventory of all companies in liquidation is evidence of embezzlement of its assets apart from ex-facie being a gross act of Criminal Negligence. Only friendly security agencies are given work who participate and allow theft by official liquidators. Rules never followed.
Rule 38. Unless the Court shall otherwise direct, the Liquidator, as soon as he takes over charge, shall make a list of all the property (moveable as well as immovable) belonging to the company, in duplicate, which shall be signed by two or more past officers of the company as well as the Liquidator who shall file one copy of the list with the Court.
2. Later even inventoried assets are stolen in league with others in all thousands of companies in Liquidation. FIRs lodged against unknown persons. No arrests no recovery.
3. Official liquidators makes payments in names of security guards who have never been born. Enquiry was conducted only in one case of claim of Rs 1.5 crores in PNFC (CP 53/2012) and claim was found to be fake, A perusal of Bank accounts of security guards in three companies evidenced them to be fake. All payments are;-
i) Withdrawn by self cheques (taken in advance by security agency)
ii) Withdrawal is soon after or on the day of deposit.
iii) No other transactions.
4. Repeated valuation of same property in all thousands of companies in liquidation under different norms i.e. replacement value, cost value, Written down value and sometimes distress sale value is adopted to show such valuations to different persons to extract underhand pecuniary advantage. Norms regarding fee to valuer never adhered.
5. Sales in all cases are at under valuations. Mentioning of reserve price was must. Till end of 2013 Sales were conducted without mentioning reserve price. Intentionally valuations are not placed on record. Difference between valuations and sale price is amount of misappropriation. more
Rule 38. Unless the Court shall otherwise direct, the Liquidator, as soon as he takes over charge, shall make a list of all the property (moveable as well as immovable) belonging to the company, in duplicate, which shall be signed by two or more past officers of the company as well as the Liquidator who shall file one copy of the list with the Court.
2. Later even inventoried assets are stolen in league with others in all thousands of companies in Liquidation. FIRs lodged against unknown persons. No arrests no recovery.
3. Official liquidators makes payments in names of security guards who have never been born. Enquiry was conducted only in one case of claim of Rs 1.5 crores in PNFC (CP 53/2012) and claim was found to be fake, A perusal of Bank accounts of security guards in three companies evidenced them to be fake. All payments are;-
i) Withdrawn by self cheques (taken in advance by security agency)
ii) Withdrawal is soon after or on the day of deposit.
iii) No other transactions.
4. Repeated valuation of same property in all thousands of companies in liquidation under different norms i.e. replacement value, cost value, Written down value and sometimes distress sale value is adopted to show such valuations to different persons to extract underhand pecuniary advantage. Norms regarding fee to valuer never adhered.
5. Sales in all cases are at under valuations. Mentioning of reserve price was must. Till end of 2013 Sales were conducted without mentioning reserve price. Intentionally valuations are not placed on record. Difference between valuations and sale price is amount of misappropriation. more
Viewed by 3897
View all 21 comments Below 21 comments
It is an adjustment between the liquidator and the defaulter. No body can help because, there is no regulation laid out by the liquidator. more
Apr 24
Due to lack of proper administration, most of the rules are being deviated by the persons, who is supposed to implement the same. Will power to implement should be enforced from the top. more
Apr 18
CBI is one of the most corrupt department in the Country. Even its Former Directors were highly corrupt say Sh. Ranjit Sinha had demanded Rs 25 Crores from Garg and his wife. This is the level of corruption in Esteemed Anti Corruption Agency. more
Apr 16
Yes, we are most in-disciplined nation. first of all we have to become a disciplined person then only we can get some good result in any field. more
Apr 16
Our is the most un-disciplined nation. There are hundreds of laws lying imbedded in the books without any actual enforcement. A person with contacts after committing crime goes stock free. General excuse of not taking action by administration machinery is how we can act as dictator. That further leads to corruption. Unless there is strict punishment for laws breaker we should forget the idea of any improvement. more
Apr 14
