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TMI Blog2017 (8) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... dissolution of the company. In the circumstances M/s SMX Technologies (India) Ltd. (in liquidation) is directed to be dissolved under Section 481 of the Companies Act, 1956 and the Official Liquidator is discharged from the liquidation proceedings of the company. The Official Liquidator is permitted to close the books of accounts of the company in liquidation after appropriating the negative funds in the company fund from the company pool fund. - CO.PET. 295/2005 & CA Nos.1214/2017, 317/2016, OLRNo.112/2015 - - - Dated:- 22-8-2017 - MR. YOGESH KHANNA J. Petitioners Through: Mr. Gaurav Mahajan, Adv. Respondent Through: Mr. Mayank Goel, Adv. for OL YOGESH KHANNA, J. 1. The petitioners are the shareholders and direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and access to western markets with Indian IT expertise in a cost effective manner. Thus, a Memorandum of Understanding between M/s SMX Technologies Limited, UK and M/s Interactive Solutions Pvt. Ltd was executed on 31.03.2002 at Delhi. SMX India was to be created by changing the name of M/s Interactive Solutions Pvt. Ltd and reissuing shares as per agreed shareholding structure after obtaining requisite approval from the Registrar of Companies, RBI and / or any other concerned authority. 4. In pursuance of joint venture, M/s Interactive Solution Pvt. Ltd. passed requisite resolutions for increasing authorized share capital and changing its name to M/s SMX Technologies India Limited. 5. Resolution dated 09.02.2002 was passed increasi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a series of deliberate acts succeeding in defrauding the Petitioners. 9. Due to the loss of faith and confidence, no business has been done since financial year commencing 2002-2003 onwards. Business activity stands suspended. Irreconcilable dead lock in the administration and management further rule out any possibility of the Company continuing and doing business. 10. The acts and incidents of fraud are detailed below. 11. Prior to incorporation of Respondent Company, Mr. Kartik Sehgal was Director of M/s Interactive Solutions Pvt. Ltd. having its registered office at B-47, Tarang Apartments, Partparganj, Delhi - 110092 (herein after referred to as ISPL). The other directors of ISPL were Mr. Vijay Chandra and Smt. Indira Sehgal, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh in collusion and connivance with Mr. Kartik Sehgal. 15. The matter was extensively investigated by the Police and it has now been revealed that representations made to the Petitioners were false. No company by the name of M/s. Electrocare Solutions Pvt. Ltd having its registered office at 197, Park Street, Calcutta is registered with the Registrar of Companies. In fact M/s Electrocare Solutions is a proprietorship concern and its mailing address is B-57, Tarang Apartments, 19 Partparganj, IP Extension, Delhi which is actually the residential address of Mr. Kartik Sehgal. The account in which the payments were received though telegraphic transfer on 10.12.2002 and 13.01.03 respectively was opened on 30.11.2002, which is few days prior ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure. 21. On 19.11.2010 an Official Liquidator attached to this Court was appointed as the liquidator of the company in liquidation and vide order dated 03.02.2016 this Court permitted the Official Liquidator to publish notice of dissolution inviting no objections from secured as well as unsecured creditors. The dissolution notices were issued. No objections have been received against the dissolution of the company and liquidation till the filing of the OLR No.271/2016. The Official Liquidator was directed to file a report under Section 481 of the Companies Act for dissolution of company within two weeks. Hence the Official Liquidator had filed an application No.1206/2017 and stated that Mr. Sachin Duggal, ex-director of the company in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company from the date of that order ; keeping the present proceedings pending would only result in unnecessary keeping a defunct company on the register of companies as well as incurring establishment and legal expenses on the liquidation proceedings. 23. This Court vide its order dated 03.02.2016 permitted the Official Liquidator to publish notice of dissolution for inviting no objection(s) for dissolution of Company in Jansatta (Hindi) and Hindustan Times (English). In terms of order dated 03.02.2016 of this Court dissolution notice has been published in Jansatta (Hindi) and Hindustan Times (English) on 11.06.2016. Till date no objection has been received against the dissolution of above said company. 24. No fruitful purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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