9911796707
TMI Blog1995 (8) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... e official liquidator attached to the High Court became the liquidator of the company and he has taken control and custody of all the assets and realised all of them except an investment of 76,000 equity shares of Rs. 10 each in Thiru Arooran Sugars Ltd. It is also reported by the Regional Director that the official liquidator has settled the claims of the creditors of the company in full and as per the orders of this court in C. A. No. 1038 of 1989 and he has returned the capital to the contributories in full except the shares which are in listed companies and which can be sold easily being no assets of the company and, therefore, there is no necessity for reconstruction or revival of the company. Learned counsel, appearing for the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ran Sugar Mills the shareholders could be paid more than the face value of their shareholdings. If the revival had been sought within the stipulated time, a stigma on the company would have been removed by such revival. Therefore, the contention of the Regional Director that it is opposed to public policy is not a tenable one in my opinion. Even though I am of the opinion that the revival of a company in liquidation by an unanimous resolution of the shareholders of the company cannot be considered to be opposed to public policy, the objection taken by the Regional Director, Department of Company Affairs, on the question of limitation, is, in my opinion, well-founded. As per article 100 of the Limitation Act, the period stipulated under th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imitation. Learned counsel, appearing for the petitioners, would argue that the Regional Director has not taken the plea of bar by period of limitation as one of the grounds for the revival of the company in his report and, therefore, the argument of learned standing counsel for Company Affairs on this ground has to be rejected. I am of the opinion that the objection to the revival of the company taken by the Regional Director being a question of law, it can be raised at any time and it cannot be rejected on the ground that it has not been raised in the report filed by the Regional Director. Considering these aspects, I am of the opinion that the permission sought for by the applicant for revival of the company cannot be granted. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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