9911796707
TMI Blog1953 (1) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidator under section 17S of the Act. It appears that at the instance of Shri Dinker Wasudeo Mandpe, a shareholder and a director of the company aforesaid, the District Judge by his order dated the 18th February, 1952, ordered the winding up of the company. The application by Shri Mandpe was opposed, and after hearing the parties the court came to the conclusion that it was in the interests of the company that an order of compulsory liquidation should be passed. It appears that Shri Anupsingh Bedi (the first respondent) is the chairman of the board of directors of the company and Messrs. Bedi and Company Limited, are the managing agents thereof. The paid-up capital amounts to Rs. 1,21,290. Within a few years of the launching of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the competency of the appeal in this court. The first objection was that Shri Mandpe not having been impleaded in the appeal it was not properly constituted. In our opinion, there is no substance in this contention for the simple reason that the company is the second respondent and Shri Mandpe has no particular interest of his own, apart, from that of the company as a whole, which would require his separate representation. It is true the liquidation proceedings had been initiated at his instance. He did it as one of the shareholders, and the court ordered liquidation. After the order of liquidation he ceased to have any such individual interest which would make it necessary for the official liquidator to implead him in his individual ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be construed as recording a consent as between the respondents and the appellant. This ground of objection, therefore, must also be overruled. Lastly, it was contended that the appellant had no locus standi to prefer the appeal, because he is not a party to the liquidation proceedings. It is true that the official liquidator is not a party to the liquidation proceedings; but the official liquidator is appointed to carry on the liquidation proceedings in the interests of the general body of shareholders. He is the court's nominee as an officer of the court to carry on the liquidation proceedings under the directions of the court. Apart from the personal interest that he has in the shape of his remuneration for discharging his official ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere is not much ground for controversy. The court below in its order directing compulsory liquidation has made observations, which are not unfounded, to the effect that the interests of the first respondent are adverse to those of the shareholders. The court has gone to the length of observing that it was in the interest of the first respondent to delay liquidation of the company, and by his own conduct he has shown that those remarks are amply justified. During the liquidation proceedings the first respondent's personal interest may clash with the interest of the general body of shareholders. It is therefore necessary that someone who has no interest adverse to the company as a whole should be in charge of the liquidation proceedings, so t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
