9911796707
TMI Blog1979 (8) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... a. 2A of the summons in the above C.A. No. 40 of 78, viz. : '2A. It is further submitted that on a scrutiny of the Hyderabad branch account books of the company, it was discovered that chit payments amounting to Rs. 54,000 (including dividend) have been paid twice to some of the persons in respect of the same chits, as detailed in annexure "D" and the respondents are liable to account for such double payment.' ( b )Substituting the following, in place of the existing para. 4 of the summons, viz . : '4. It is, therefore, necessary that the respondents-directors may be examined and called upon to account for a total sum of Rs. 1,11,592 due to the company.' " The facts relevant for the purpose of this application are as follows : A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od of five years from the date of the winning-up order, is barred by limitation. Shri R. Sriramulu, learned counsel appearing for the official liquidator, contended that by virtue of the provisions of section 458A, introduced by the Amendment Act (LXV of 1960), in computing the period of limitation, the period from the date of commencement of the winding-up of the company to the date on which the winding-up order is made (both inclusive) and a period of one year immediately following the date of the winding-up order should be excluded ; and if that period is excluded, the application will be in time. Shri N. Seshachary, learned counsel for the respondents, contended that only one year from the date of the winding-up order can be excluded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the period of limitation of five years prescribed by section 543(2) the period from the date of the commencement of the winding-up of the company to the date of the winding-up order (both inclusive) and a period of one year from the date of the winding-up order should be excluded. The winding-up proceedings commenced with the filing of the application on April 6, 1972, and the order of winding-up was made on October 27, 1972, and that period which comes to six months and 22 days should be excluded. In addition, the period of one year from October 27, 1972, to October 26, 1973, has also to be excluded. Thus, in all, one year, six months and 22 days has to be excluded in computing the period of limitation for filing the application. If so co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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