9911796707
TMI Blog2011 (9) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... hoti & Yaqub Ali, claim themselves as contributories of respondent-Co. Petitioners are holding respectively 150, 200, 200 & 50 shares of respondent-Co. And out of total 2000 shares, they hold 600 shares of the value of Rs. 60,000/-. 3. It has averred in the petition that on 20/11/1982, respondent-Company & its assets were taken over by petitioner-1 (Rahmat Khan) and Hakim Ali by acquiring its share-holding, and for running business of establishing a Deluxe Hotel in the sole property owned by respondent-Company. However, after taking over the Company by new groups, differences arose between the parties thereby no business could be transacted by respondent-Company nor was there any income being earned by Company since the year 1982 and since ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5). 6. It has been averred that after the year 1992, all the Directors dissociated each other with the affairs of respondent-Co., no steps were taken by any of Directors for winding up of respondent-Company pursuant to special resolution (supra) (Ann.4 & 5) and that apart, no meetings were ever called or held by Board of Directors after Extra Ordinary General Meeting being held on 16/07/1992. 7. It has been averred that respondent-Co. is lying closed since last more than 10 years and no business having been transacted, no profit being earned and that apart, respondent-Company failed to comply with statutory requirements by filing annual reports & balance sheets with the Registrar of Companies within a stipulated period of holding of Annua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs to submit statement of affairs of the Company, which as informed, has been submitted by petitioners on 04/07/2011, which has not been controverted by Counsel for OL. 11. Counsel further submits that no purpose is going to be served to continue the Company since the objects for which it was incorporated has substantially failed and it is impossible for the Company to carry out business of the Company in view of differences between the Directors and total lack of management who have lost their confidence in each others and the differences have reached to the extent that there is every possibility of more litigations cropping up between them. 12. Counsel for petitioners further submits that respondent-Company has taken its special resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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