ORDER : By this application, brought under Section 543 of the Companies Act read with Section 45-H of the Banking Companies Act, the Official Liquidator of the Palai Central Rank Ltd. seeks to recover about Rs. 250 lakhs from the ten respondents, former directors and officers of the banking company.

2. The company was incorporated in 1927; on the 5th of December 1960 it was ordered to be wound up on an application made by the Reserve Bank of India on the 8th August 1960 (on which very day a provisional liquidator was appointed) under Section 38(3)(b)(iii) of the Banking Companies Act; and it was on the 4th April 1963, that the liquidator instituted the present application. The company is an insolvent company. Its paid up capital amounts to nearly Rs. 25 lakhs; its outside liabilities to about Rs. 1007.50 lakhs; the realisations up to date to a little over Rs. 700 lakhs; future realisations are estimated at about Rs. 40 lakhs; and so, allowing for the expenses of the liquidation, the expected deficit, leaving out of account the share liability, is in the neighbourhood of Rs. 265 lakhs.

3. Respondents, 1, 2, 3, 4 and 7 were directors of the bank when the provisional liquidator took cha

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