Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2008 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (9) TMI 567 - HC - Companies LawWinding up of the first respondent-company on "just and equitable grounds" - Held that:- As a result of the deadlock in the ownership and management of the first respondent, there has been continuous statutory non-compliance of the provisions of the Companies Act. Not only has the company failed to keep proper books of account under section 209(1) with respect to the monies received and spent, it has also failed to hold annual general meetings or to lay either before the board or the general body, as required under section 219(1), the balance-sheets and profit and loss account of the company for the past several years. Neither the balance-sheet and profit and loss account nor the report of the board have been prepared annually nor have copies thereof been filed with Registrar of Companies as stipulated under section 220(1). The first respondent has not even appointed auditors under section 224(1) let alone the auditors report being placed before the general body and kept open for inspection of its members. But for owning valuable landed property, the first respondent has not been carrying on any business for the past several years. The deadlock in ownership and management of the first respondent is complete and appears incapable of resolution, leaving no other recourse except for winding up proceedings to be initiated.
|