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TMI Blog1984 (1) TMI 247X X X X Extracts X X X X X X X X Extracts X X X X ..... to be its directors. Respondents Nos. 1, 2, 4, 6, 8, 10 and 11 are served and represented while the others, though served have remained absent and unrepresented and this order is made against those respondents ex parte. The petitioner has alleged that a total sum of Rs. 45,82,566.84 was advanced to the first respondent company. The aforementioned amount claimed is said to be the balance shown in the books of the company under various accounts held by the first respondent company with the bank. It is also asserted that the amounts claimed by the petitioner-bank is also reflected in the balance-sheet of the first respondent company for the year ended December 31, 1980, and also in the balance-sheet for the year ended December 31, 1981, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings which has remained unnumbered and in which the said Financial Corporation has represented its support for the winding up proceedings, but remaining outside such proceedings. In the supporting affidavit, they have brought to the notice of the court that the Financial Corporation acted under section 29 of the State Financial Corporations Act, 1951, and taken over physical possession of the factory, its premises and all machineries which are said to have been mortgaged or hypothecated to the Corporation. It is, in these circumstances, that an objection has been raised by the first respondent whether the winding up proceedings are maintainable. The averments in para 6 of the petition have been admitted, but the first respondent c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her with the machinery, etc ., have been taken over by the Karnataka State Financial Corporation. In other words, the company, which is incorporated under the Companies Act, with an authorised share capital of Rs. 25,00,000 divided into 2,00,000 equity shares of Rs. 10 each, and 5,000 11% per annum redeemable cumulative preference shares of Rs. 100 each, having a subscribed capital of Rs. 15,50,100 for production, export, import, purchase, sale, supply, exchange, distribute, redistribute, process, pack, store and generally to deal with agricultural produce either of vegetable origin or animal origin, as it exists today has not the means of pursuing its objects as disclosed by it. It has no factory which it can work. Added to this, it has n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r being made by this court, at a later stage will be examined. This court passing an order winding up the first respondent company will not affect their legal rights and obligations if they have ceased to be directors. In so far as the application of the Karnataka State Financial Corporation is concerned, it is placed on record, that since it has taken possession of all assets hypothecated to it on its own, it is not possible to treat that Corporation as a supporting creditor. It has further stated that it will work out its rights under the State Financial Corporations Act which question has been left open to be decided in the appropriate forum. The application is taken on record for the sole purpose of corroboration of the admissions mad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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