9911796707
TMI Blog2006 (5) TMI 199X X X X Extracts X X X X X X X X Extracts X X X X ..... Equity share capital of the company is Rs. 10,00,000 (Rupees Ten Lakhs) divided into 1,00,000 (one lakh) equity shares of Rs. 10 each. The company have power to increase, reduce sub-divide or to re-pay the same or to divide the same into several classes and to attach there to any rights to consolidate or sub-divided the shares and to vary such rights as may be determined in accordance with the regulations of the company. The main objects to be pursued by the company on its incorporation are "( i )To develop manage and carry on the business of agriculture, horticulture, floriculture, sericulture, plantation, forestry, gardening growing, farming cultivating, harvesting, grazing field, sheep farming, fish faming, animal husbandry, diaries ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visions, foods, vegetables, herbs, flowers and to extract by products and derivative whether edible, pharmaceutical, medicinals or of any kind or nature whatsoever and foods preparations of every kind and description and to carry on the business of tissue culture laboratories, production of plant, manufacturing of agro products and extraction of oils, horticulture activities and providing consultancy for the above referred objects whether in India or elsewhere." 3. It is alleged in the petition that the object for which the petitioner s company was incorporated has substantially failed or it is now impossible to carry on the business of the company at a loss that is there is no reasonable hope of the business of the company at a loss th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly the payment of Rs. 38,00,000 (Rupees Thirty eight lakhs) was made with interest/profit to 729 depositors against their investment of Rs. 27,92,000, ( Rs. 27,75,000 + 17,000) (Rupees twenty seven lakhs and ninety two thousands only). The petitioner company under the circumstances unable to carry out its business for want of funds. The company has neither paid the money due to the depositors or likely to be due in near future nor they are secured or compounded their reasonable dues in any manner. The petitioner s company is unable to pay its debts to the investors credits within the meaning of section 433( c ) of the Indian Companies Act and is under heavy financial liabilities and have no funds to pay. The petitioner company in the circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is for the year 31-3-1995 and no balance sheet for the subsequent period are available. The Annual General meeting of the company was held last held on 7-2-1996 and only the Annual Return up to 7-2-1996 is available on record. The petitioner company be directed to furnish the Statement of Affairs along with the required affidavit in terms of provisions contained in section 454 of the Companies Act. The petitioner company in the petition averred that it has made payment of Rs. 38 lakhs to 729 depositors against their investment of Rs. 27,92,000 and details of such investors/depositors who have received their full and final payment were to be filed before this Court when so directed. The Official Liquidator prayed for a direction to the Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany may be wound up by the court if the company is unable to pay its debts. As per section 434(1) a company shall be deemed to be unable to pay its debts ( a )if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding (one lakh rupees) then due, has served on the company, by causing it to be delivered at its registered office, by registered post or otherwise, a demand under his hand requiring the company to pay the sum so due and the company has for three weeks thereafter neglected to pay the sum, or to secure or compound for it to reasonable satisfaction of the creditor. ( b )if execution or other process issued on a decree or order of any Court or Tribunal in favour of a creditor of the company i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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