2012 (4) TMI 66

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..... imited (in liquidation) as per Section 481 of the Act in view of the fact that the Official Liquidator is not in a position to proceed further with the winding up of the Company for want of funds, assets and reasons stated in the application and for discharging the Official Liquidator from proceeding further. 2. The Official Liquidator attached to this Court was appointed as the Liquidator as per Section 481 of the Act in respect of M/s. Baruah & Baruah Drugs Private Limited (in liquidation), which was wound up by this Court vide judgment and order dated 17.02.2003 passed in Co. Petition No. 17 of 2001 (disposed of). It is worth mentioning that Co. Petition No.17 of 2001 (disposed of) was filed by the promoters of the Company (in liquidati .....

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..... following information before this Court:- (i)  The Company (in liquidation) has no assets and liabilities; (ii)  The Company (in liquidation) has no Bank Accounts and Investments;  (iii)  The Company (in liquidation) is having no Government liabilities and Income   Tax liabilities; (iv)  The fund position of the Company (in liquidation) is NIL; (v)  Since incorporation, no statutory returns has been filed with the Registrar of Companies, Shillong by the Company (in liquidation); (vi)  There is no information or record regarding any pending litigation either by or against the Company (in liquidation) and also there is no trace of any claimants; (vii)  No useful purpose would be served .....

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..... Act. 7. Consequently the Company (in liquidation) shall stand dissolved and the Official Liquidator attached to this Court is discharged. The Official Liquidator is also dispensed with the requirement of filing the accounts and audit of the Company (in liquidation), since the Company has no funds to its credit. The Official Liquidator shall make necessary arrangement for payment of fee to the counsel for the Official Liquidator from the Common Pool Fund maintained in the office of the Official Liquidator. 8. A copy of this order shall be communicated to the Registrar of Companies within thirty days by the Official Liquidator. 9. Accordingly this application under Section 481 of the Act is disposed of.
Case laws, Decisions, Judgemen .....

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