2002 (4) TMI 783 - HC - Companies Law

Summary

The petition under section 518 of the Companies Act, 1956 sought to determine income-tax payable for repatriating assets during voluntary winding-up. The Income-tax Department quantified the amount due at Rs. 11,40,822, with a total of Rs. 1,28,40,822 to be set aside. After setting aside this amount, the remaining Rs. 4,10,16,102 was permitted to be distributed to shareholders. The company petition was disposed of accordingly.