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Issues:
Winding up petition under sections 433(e) and (f) read with section 439(a) of the Companies Act, 1956. Analysis: 1. Background of the Petitioner Company: The petitioner company, Shri Sidh Plantation & Farms Ltd., was incorporated as a Public Company in 1994 with specific objects related to agriculture, horticulture, and other related activities. However, the company faced financial losses due to mismanagement, leading to insolvency. Attempts to repay depositors failed, forcing the company to cease operations. 2. Allegations and Financial Situation: The petition alleged that the company's main objective had failed, making it impossible to operate profitably. The company's liabilities exceeded assets, and it could not file returns. Depositors demanded payments, causing further financial strain. Attempts to sell land to repay depositors were made, but the company remained unable to pay debts. 3. Legal Proceedings and Objections: The Court directed the petitioner to publish notices, and the Official Liquidator raised objections to the winding-up petition. The Official Liquidator argued that voluntary winding-up procedures were not followed, and the company failed to provide necessary financial statements and details of depositors. 4. Court's Decision and Order: The Court applied the provisions of sections 433 and 434 of the Companies Act, determining that the company was unable to pay its debts. With no objections to winding up filed, the Court deemed it just and equitable to wind up the company. The Official Liquidator was directed to take charge of the company's assets, and the petitioner was instructed to advertise the winding-up order and notify the Registrar of Companies accordingly. This detailed analysis covers the background, financial situation, legal proceedings, and the final decision of the Court regarding the winding-up petition under the relevant sections of the Companies Act, 1956.
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