TMI Blog1995 (3) TMI 386X X X X Extracts X X X X X X X X Extracts X X X X ..... quently, by an order of this court passed on May 5, 1989, the said provisional liquidator was appointed as official liquidator of the company. By virtue of the provisions of section 441(2) of the Companies Act, 1956 ("the Act" for short), the winding up of the company is deemed to have commenced at the time of presentation of the petition for winding up which, as such, was presented on February 12, 1987. After appointment of the official liquidator, the complainant had taken inspection of the records maintained by the Registrar of Companies and, during the said inspection, it was noticed that accused Nos. 1 and 2 had been described as directors of the company (in liquidation). Subsequently, the accused appeared before the official liqui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onfirmed having received the above notice and promised to prepare and submit the said statement of affairs. Thus, it is the case of the complainant that despite giving sufficient notice and also the reminders, the accused persons have failed to comply with the provisions of section 454 of the Act. Therefore, a complaint was filed in this court, on April 20, 1990, against both the accused who were then the directors of the company, by invoking the aid of provisions of section 454(5) of the Act. This court issued notices against both the accused persons. Accused No. 2 who is the son of original accused No. 1 has filed two affidavits. Original accused No. 1. the father of accused No. 2, had unfortunately, expired during the pendency of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tement of affairs is required to be filed before the official liquidator. It also prescribes punishment for non-compliance with the statutory requirement. Where the court has passed an order of winding up or has appointed the official liquidator, the statement of affairs of the company, in the prescribed form verified by an affidavit and containing particulars mentioned in section 454(1)( a ) to ( e ) must be filed within a period of 21 days from the relevant date or within such extended time not exceeding three months from that date as the official liquidator or the court may, for special reasons, appoint. If any person without reasonable excuse commits default in complying with any one of the requirements of section 454, he can be puni ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
