Y.Tirupathi v. Hyderabad

All the three applications have been filed by Y.Tirupathi under Section 446 of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959 to waive the interest under various chits to which he became the prized subscriber. The applicant joined as a subscriber under chit group No.KLT- 31G-26 for Rs.50,000/-, chit group No.KLT-12M-9 for Rs.1,00,000/-, and chit group No.KLT-15M-6 for Rs.1,00,000/-. He became the prized subscriber in all the three chits and withdrew the bid amounts. He paid the instalments under three chits upto 19-5-2000. The Company directed to be wound up as per orders in C.P.No.154 of 2000. The Official Liquidator placed on record his reports. As per the reports, the applicant has to pay Rs.16,808/- (Rs.378/- + Rs.2,950/- + Rs.13,480/- respectively). The amount due is calculated with interest at 4% p.a. It is now reported that the applicant paid principal amount with interest at 4% per annum. In view of the reports, the further interest to be paid by the applicant under three chits is waived. Accordingly, all the three applications are ordered. 11th November, 2011 _________________________ B.Seshasayana Reddy, J