( 1 ) BY this application, filed under Rule 9 of the Companies (Court) rules, 1959, M/s. Deepika Chit Fund Private limited, the applicant herein, inter alia prays this Court to constitute Collection and Disbursal committee, consisting of one Director each from both the Transferor Company and transferee Company and a Commissioner to be appointed by this Court, and pass such other order or orders as this Court deems fit and proper in the circumstances of the case.

( 2 ) M/s. Deepika Chit Funds Private limited (hereinafter referred to as the transferee Company ) was incorporated under the provisions of the Companies Act, 1956 (for short the Companies Act ) as a private Limited Company on 13-1-1989. The authorized share capital of the Transferee company is Rs. 50,00,000. 00 divided into 50,000 equity shares of Rs. loo. 00each. The issued, subscribed and paid-up capital of the transferee Company is Rs. 30,00,000. 00 divided into 30,000 equity shares of Rs. 100. 00 each fully paid up.

( 3 ) THE main objects of the Transferee company, as reflected by its Memorandum and Articles of Association, is to establish and carry on the business of chit funds for the benefit of mem