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2009 (2) TMI 466 - HC - Companies LawWinding up - Circumstances in which a company may be wound up - Held that:- The income of the company has nosedived to a dismal figure of ₹ 20,204 in the year ended dated 31-3-2006, as compared to its income of ₹ 1,78,88,963 in the year ended 31-3-2002, i.e., within a span of four years. The balance-sheets of the company continues to show losses year after year and there is nothing shown to suggest any improvement in the coming years. In view of the law discussed above and by carefully analysing the facts and records relied upon by both counsel, it is just and equitable to wind up the company and allow this petition, under section 433(e), ( f) and (c) read with sections 434 and 439 of the Act.Accordingly, this petition admitted and direct that the respondent-company be wound up. The Official Liquidator attached to this court is appointed as the Liquidator in respect of the respondent-company. He shall forthwith takeover all the assets and records of the respondent-company and proceed according to law. Citation shall be published in The Statesman (English) and Jansatta (Hindi) for 16-3-2009. The petitioner may take steps accordingly.
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