9911796707
TMI Blog1982 (2) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... crore divided into 10 lakhs equity shares of Rs. 10 each. The subscribed capital of the company is Rs. 3,80,280 though only 76,056 equity shares have been issued. But the call made so far is only in the sum of Rs. 5. The subscribed capital, which is only half of the value of the issued capital, Rs. 72,292, was treated as allotment money and is stated to be due from the shareholders other than the directors of the company. Thus, the subscribed capital of the company is only Rs. 3,07,988. The company, in 1966, acquired the lease of limestone quarry in an extent of 255 acres of land from the Government. This was with the object of carrying out the main objects of the company and establishing a cement factory. The applicant was not able to g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ali Cement Co. Ltd., and further to issue directions for the revival of the company and grant such other further relief as is just. Having regard to the stage to which the winding-up proceedings had reached, in that it had not completed the required formalities including the dissolution of the company, it was suggested that the shareholders themselves could revive the company and prevent further steps in the winding-up proceedings. But then the learned counsel for the claimant has drawn my attention to the decision of the Delhi High Court in the case of Voluntary Liquidator, Dimples Pvt. Ltd. v. Registrar of Companies [1978] 48 Comp. Cas. 98 . In that case, in somewhat similar circumstances, the voluntary liquidator of the company inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for staying the winding up on the facts as they were. The court, however, observed that, at a later date, the official receiver could report whether all the liabilities and creditors and contributories had been settled and the debts had been paid and whether the members were prepared to reduce their share capital by surrendering and cancelling their bonus shares, then the court would 'as at present advised be prepared to stay the proceedings in the winding up'. Thus, there is no doubt that the court " does possess the power to stay a winding up even when it is a case of voluntary winding up. There must, however, be facts justifying the stay." Pennington in his Company Law, 4th Edn., at page 709, has this to say: "Once a resolution for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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