1994 (2) TMI 267 - SUPREME COURT

Winding up petition - whether the case of the persons opposing the winding up is reasonable?

Whether there are matters which should be inquired into and investigated if a winding-up order is made?

Held that:- Winding up petition dismissed. The financial position of the appellant is sound. It is the largest financial corporation of the State of Uttar Pradesh. It has rendered financial assistance of ₹ 1024.83 crores till March 1992 to more than 100 industrial units and has also promoted joint sector projects. It is profit-making financial corporation and is paying dividend as seen from the balance sheet for the year 1991-92, (filed along with special leave petition). The assets of the appellant-corporation are ₹ 5,26,35,36,568. The reserves are ₹ 17,60,15,222. The profits earned by the appellant before payment of tax is ₹ 7.40 crores and after meeting its financial liabilities, ₹ 2.78 crores.