9911796707
TMI Blog1985 (2) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... "the Act"). It is now well-publicised that M/s. Anglo-French Textiles Ltd., Mudaliarpet, Pondicherry, had closed its business; that 7,000 workmen are left jobless and that the economy of the particular part of the country has suffered to a great extent. It is in this background the applicant has come forward with this application seeking permission to investigate/cause an investigation to be made in regard to the possibility of restarting the manufacturing unit of the company and to give such other direction or directions as this court may deem fit: The facts as such are not in dispute. None the less the objection is that the application is not maintainable under section 15A of the Act. The above objection finds support from the decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be wound up. Such an approach by the learned judge cannot be doubted because it is after the order of winding up is made the company is being wound up for the purpose of ultimate dissolution. None the less, I do not propose to dismiss the application construing the passage as understood under the Companies Act, for the Act itself is an enabling statute, which empowers the Central Govt., with or without the permission of the court, to sell the concern as a whole, to make investigations for the purpose of restarting the company (vide section 18FD of the Act). The object of the Act itself is to enable the Central Government to deal with the company in the manner abovesaid both in the interest of securing economy of the country as also in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act, the Central Govt. possesses the same right vide section 18AA of the Act. Under section 18FC of the Act, the Central Govt. takes over the management either pursuant to the order made under section 15A of the Act or under section 18AA of the Act without such orders from this court. But the purpose achieved in either process is to take over the concern without the leave of the court or to restart the company after obtaining permission from this court on a compromise to be evolved thereafter and as indicated in the Act itself. Section 18FE of the Act enables the Central Govt. to move this court for winding up because the decision of the Central Govt. that the course of action specified in clause ( a ) of sub-section (1) of section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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