9911796707
TMI Blog2006 (9) TMI 285X X X X Extracts X X X X X X X X Extracts X X X X ..... 000 divided into 1,000 shares of Rs. 1,000 each. The paid up equity share capital of the company is Rs. 5,75,000. Petitioner Nos. 1 and 2 and their father Gurbachan Singh were allotted 100 equity shares of Rs. 1,000 each fully paid up and after the death of Gurbachan Singh, his shares devolved upon petitioner Nos. 1 and 2. Petitioner No. 3 was allotted 10 equity shares of Rs. 1,000 each. Thus, the petitioners have a sizeable shareholding in the company. It has been pleaded that from the funds gathered from the shareholders, the respondent-company purchased a large plot of land measuring 10 Kanals at Mohali. A shed was also constructed on the said plot. Apart from this property, there are many other tangible assets in the hands of the compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and not for the benefit of the company. Even, the Registrar of Companies has prosecuted the directors, namely, P.S. Dhillon, Kashmir Singh and Rattan Singh, for not having filed the annual returns, balance-sheets and profit and loss accounts of the company for a long time. It is also the case of the petitioners that the company has neglected to hold the annual general meetings and whatever general meetings the company has shown on the record are only fictitious meetings. The petitioners have not paid any dividend in all these years. This, the company is liable to be wound up on the ground that it failed to commence any business within a year of its incorporation and further it has suspended its business for several years altogether. Still f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record. By filing affidavit of Kashmir Singh, the respondent has sought to dispute the director s report dated 1-9-1989, annexure P5, as a forged document. Interpolation in annexure P6 was also alleged in respect of which complaint was lodged with the Station House Officer, Police Station Division No. 6, Model Town, Jalandhar City. On the merits, it was pointed out that the plot of land in Mohali was not purchased from the money received from the shareholders but was owned by Col. P.S. Dhillon and was allotted to him. The actual possession was given to Col. P.S. Dhillon on 7-2-1973. Subsequently, Shri Dhillon transferred the ownership of the said plot to the company. The rent was purported to be received from M/s. Chardi Kalan Dharam Kanta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not ceased to carry out its operations. It was also argued that remedy of the petitioners, if any, as minority shareholders of the company is before the Company Law Board to establish any mismanagement but the respondent-company cannot be wound up on the grounds pleaded by the petitioners. 7. After going through the records, I do not find that any firm finding can be returned that the respondent-company has ceased to commence its business operations within a year from its incorporation or suspended its business for a whole year. The balance-sheet for the year ending 31-3-1974, shows that the company did some business in the first year. Still further, some business is reflected to be carried out in the subsequent years including the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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