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2015 (8) TMI 1412 - HC - Companies LawRevival and rehabilitation seeked - Held that:- There is nothing on record for disagreement with the factual conclusions of the Board and its opinion based thereon that the respondent-Company was not positioned to make its net worth exceed its accumulated losses within a reasonable time. And the conclusions of the Board have not been objected to by any stakeholder in the respondent-Company. The respondent-Company is not in a position to meet its financial obligation or likely to become viable in the foreseeable future making its net worth exceed the accumulated loss (as held by the Board) and therefore it is just, equitable and in public interest that the respondent-Company be wound up. Consequently, the respondent-Company M/s. Deepak Casting Ltd. stands wound up under the Act of 1956 and the Official Liquidator attached to this Court is appointed as the Official Liquidator of the respondent-Company under Section 448 of the Act of 1956. The Official Liquidator may now further take appropriate steps as provided for in law under Section 457 (1) of the Act of 1956 including the steps to take in his custody the properties of the company in liquidation, if any and take steps for their safeguard subject to approval of this Court. He is directed to publish notice of this winding up order in two daily newspapers, one in vernacular and the other English i.e. Rajasthan Patrika, Alwar Edition and Hindustan Times, New Delhi Edition respectively. The Official Liquidator shall immediately take steps for requisite publication. Since the respondent-Company has been wound up by this order as earlier held, the Official Liquidator to proceed and take active steps for compliance with Section 457(1) of the Act of 1956 and do all acts where needed, as required and permitted in law.
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