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TMI Blog2018 (6) TMI 1578X X X X Extracts X X X X X X X X Extracts X X X X ..... of members is reduced below two in case of a private company (as in the present case). Under section 433(g), the company can be wound up if it has made default in filing with the Registrar its balance-sheet, profit and loss account or annual returns for five consecutive financial years. In considered view, the provisions of section 433(b), (c), (d) and (g) of the Act of 1956 would be attracted in this case and thus, it would be just and proper that the company is wound up. The fact that the company has not commenced and has failed to hold the statutory meetings and to deliver statutory reports, is explicit from the record, including the letter dated September 18, 2009 from Eric Sequeira. As noticed earlier, there were only two shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Anselmo D'Souza to act as their agents for the purpose of negotiating the said purchase. According to Mr. Fernandes, he had commenced the ground work of collecting relevant information and documents. It is contended that the petitioner and Eric Sequeira had agreed to pay an amount of ₹ 600 per square metre of the said property amounting to ₹ 2,08,65,000 as a recompense for their services for which they have filed the suit. 3. As per the decision of this court in the case of West Hills Realty P. Ltd. v. Neelkamal Realtors Tower P. Ltd. [2017] 200 Comp Cas 179 (Bom) ; [2017] 2 Bom. CR 693, the petition is retained on the file of this court as it is not liable to be transferred to the National Company Law Tribunal. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n these circumstances, that the petitioner is praying for winding up of the company. 8. Mr. Eric Sequeira filed reply opposing the petition. Mr. Eric Sequeira has set out the various properties, which are associated with company, in which the company has made financial investment. He has further set out the various litigations in which the company is a party, including the cases filed by the petitioner. It is contended that the petition does not satisfy the criteria under which the company can be wound up. It is contended that it was the responsibility of both the directors, to hold quarterly meetings and the annual general meetings, so as to comply with the provisions of the Companies Act and the Income-tax Act, irrespective of the diff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peration for a period of two years and has not made any application within such period for obtaining the status as a dormant company under section 455 of the Act of 2013. It is submitted that notwithstanding the fact that the name of the company has been struck off, the petition for winding up would be maintainable in view of sub-section (8) of section 248 of the Act of 2013. He, therefore, submits that the petition be allowed. 11. I have carefully considered the circumstances and the submissions made. 12. Section 433 of the Act of 1956 sets out the circumstances, in which the company may be wound up. The said section reads as under : 433. Circumstances in which company may be wound up by Tribunal.-A company may be wound up by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tings and if the company does not commence its business within a year of incorporation or suspends its business for the whole year. Similarly, under section 433(d) of the Act of 1956, the company can be wound up if the number of members is reduced below two in case of a private company (as in the present case). Under section 433(g), the company can be wound up if it has made default in filing with the Registrar its balance-sheet, profit and loss account or annual returns for five consecutive financial years. In my considered view, the provisions of section 433(b), (c), (d) and (g) of the Act of 1956 would be attracted in this case and thus, it would be just and proper that the company is wound up. The fact that the company has not commenced ..... X X X X Extracts X X X X X X X X Extracts X X X X
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