9911796707
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Issues:
1. Restoration of the company's name to the register under Section 353(6) of the Companies Act, 1948. 2. Eligibility of the personal representative of a deceased member to petition for restoration. 3. Interpretation of the term "contributory" under Section 224 for winding up purposes. 4. Consideration of the applicability of Section 215 in determining contributory status. Restoration of Company's Name to Register: The judgment concerns a petition for the restoration of a dissolved company's name to the register under Section 353(6) of the Companies Act, 1948. The petitioner, as the personal representative of a deceased member, seeks to recover assets held by the company at the time of dissolution for distribution to shareholders or their representatives. The court examines the provision allowing restoration and emphasizes the importance of ensuring that the company's affairs are properly concluded by restoring its name to the register. Eligibility of Personal Representative to Petition: The key issue is whether the personal representative of a deceased member can petition for the restoration of the company's name under Section 353(6). The court refers to precedent and statutory interpretation to determine that the term "any member" in the provision should include the personal representative of a deceased member. This interpretation aligns with the objective of the subsection to allow for the continuation of the company's existence despite dissolution, enabling proper winding up and asset distribution. Interpretation of "Contributory" for Winding Up: The court delves into the definition of "contributory" under Section 224 for winding up purposes. It analyzes Sections 213 and 215 of the Companies Act, 1948, to establish the liability of individuals to contribute to a company's assets in the event of winding up. The judgment examines the role of personal representatives in contributing to the company's assets and concludes that the petitioner, as a personal representative, falls within the definition of a contributory under Section 224. Applicability of Section 215 in Determining Contributory Status: The court considers the applicability of Section 215 in determining the contributory status of the petitioner. It references a previous case where it was established that Section 215 operates upon the commencement of winding up. However, the judgment emphasizes that the petitioner's eligibility to present a winding-up petition is supported by the wording of Section 224, indicating that a personal representative of a deceased shareholder is entitled to seek relief under the provision. This interpretation aligns with the statutory framework and the court's discretion to grant relief in cases warranting restoration and winding up. In conclusion, the judgment grants the petition for the restoration of the company's name to the register and its winding up by the court, emphasizing the eligibility of the personal representative to seek such relief under the Companies Act, 1948.
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