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TMI Blog1963 (1) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... ohan Manucha challenges the validity of three resolutions passed on September 22, 1962, at an extraordinary general meeting of the shareholders of the Ajodhia Bank Limited, Faizabad, purporting to initiate the voluntary winding-up of the company and appointing Sri Lakshmi Nath Saigal (opposite party No. 1) as voluntary liquidator, with a sub-committee composed of opposite parties Nos. 3, 4 and 5, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account was prepared and ending with the latest practicable date immediately before making of the declaration," together with the balance-sheet of the company, "made out as on the last mentioned date", and further that the said declaration must embody a statement of the company's assets and liabilities " as at that date". In the present case the declaration of solvency was made on August 25, 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the voluntary liquidator has tried to argue that the balance-sheet on June 30, 1962, shows the company's assets and liabilities on that date; but it is obvious from the wording of the section that the statement to be embodied in the declaration is meant to be something distinct from the balance-sheet. The Registrar further points out that according to rule 313 of the Companies (Court) Rules, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as required by rule 313 of the Companies (Court) Rules. The declaration was thus rightly rejected by him and the voluntary winding up initiated by the resolutions passed on September 22, 1962, cannot therefore be treated as valid and legal. In order to meet the Registrar's objections it will be necessary to start the proceedings afresh, taking care to comply strictly with the requirements of law. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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