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Issues:
Petition for winding up under Companies Act, 1956 based on default in payment to investors and fraudulent activities. Analysis: The judgment pertains to a company petition filed by the Registrar of Companies under section 433(f) read with section 439(e) of the Companies Act, 1956, seeking to wind up the respondent-company due to default in payment to investors and fraudulent activities. The petition was supported by a report from the Central Bureau of Investigation (CBI) highlighting criminal cases against the Director of the company for cheating investors and financial institutions through forgery and fraud. The Central Government, upon CBI's recommendation, sanctioned the filing of the winding-up petition. The petition was advertised as per the Companies (Court) Rules, 1959, and the Official Liquidator was appointed as the provisional liquidator. However, attempts to serve summons were unsuccessful as the company's registered office was found closed and vacant. The company's financial condition, as per the balance sheet and profit and loss account, showed no improvement, with significant unsecured loans and miscellaneous expenditures. The court noted that the company had issued capital, reserves, and loans but lacked fixed assets, indicating financial instability. Considering the CBI investigation, notices issued by the Department of Company Affairs, and the absence of objections to the published notices, the court found the respondent-company liable to be wound up under sections 433(b), (c), and (f) of the Companies Act, 1956. Consequently, the court allowed the company petition, directing the winding up of the respondent-company. The Official Liquidator, initially appointed as the provisional liquidator, was now appointed as the official liquidator of the company under section 439(e) of the Act.
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