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TMI Blog1975 (9) TMI 115X X X X Extracts X X X X X X X X Extracts X X X X ..... D.K. Kapur, J. This is an application under section 454 read with section 468 of the Companies Act, 1956, moved by the official liquidator of Messrs. Gurco Pharma (P.) Ltd., in connection with the winding-up of that company. It was stated in the application that the respondents Nos. 1 to 7 had not submitted the statement of affairs required by section 454 and hence an order of the court w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or was appointed. The other persons who arc directors are perforce to file a statement of affairs unless the same is dispensed with by an order of the court passed under section 454(1). The other persons mentioned in sub-section (2) can be directed by the official liquidator through an order of the court to file a statement of affairs. This includes ex-directors and respondent No. 2 is an ex direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lars mentioned in that sub-section have to be complied with. Of course, if the directors cannot obtain this information or the books do not contain all the information, then the statement of affairs has to contain only those particulars which they are able to give. One point has been mentioned during arguments before me to-day, which is to the effect that once the period of three months mentione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow, when does that default come to an end ? Obviously, when the statement of affairs is filed. This means that the statement of affairs can be filed much later, but the delay is subjected to the fine under sub-section (5) of section 454. If it is shown to the court that the default by the directors or other persons required to file a statement of affairs was due to some reasonable excuse, then the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat in the present case, the direction to Shri K. Maha-devan to file a statement of affairs has been made to day, which is long after 21 days from the date of the winding-up order and, therefore, such a person may not be subjected to the provisions of section 454(5) of the Act. I would not like to express my opinion on this point at this stage, but I am satisfied that if such a person defaults eve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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