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Issues:
Application under section 15A of the Industries (Development & Regulation) Act, 1951 for leave to carry out an investigation against an existing company pending winding-up petitions to determine if the company is in the process of being wound up. Analysis: The judgment pertains to an application filed by the Union of India under section 15A of the Industries (Development & Regulation) Act, 1951, seeking permission to conduct an investigation against a company, Shalimar Works Ltd., amidst pending winding-up petitions. The key contention raised was whether the application is maintainable since the company is not being wound up under the supervision of the High Court. The crux of the issue revolved around interpreting the term "being wound up" as stated in section 15A of the Act. The petitioner argued that the company should be considered as being wound up as soon as a winding-up petition is filed, while the respondent contended that the process commences only after a winding-up order is passed. Reference was made to various sections of the Companies Act, including section 391, which outlines the procedure for winding up, holding meetings, and the dissolution of the company post winding-up order. The court analyzed the provisions of law, particularly section 15A of the Act in conjunction with relevant sections of the Companies Act. It was emphasized that the process of winding up does not initiate merely upon the filing of a winding-up application but rather commences after the court passes an order for winding up the company. The court highlighted the distinction between filing a winding-up application and the actual commencement of the winding-up process through a court order. Based on this interpretation, the court concluded that the company in question was not in the process of being wound up, rendering the application under section 15A of the Act as not maintainable. In conclusion, the court dismissed the application, ruling that the company was not being wound up, and hence, the application for investigation was not maintainable. No costs were awarded in this regard. The judgment provides clarity on the interpretation of the term "being wound up" in the context of initiating investigations under section 15A of the Industries (Development & Regulation) Act, 1951, and underscores the significance of a court order for commencing the winding-up process as per the Companies Act.
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