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2011 (12) TMI 420 - HC - Companies LawWinding up – company unable to pay its debts – winding up petition by Bank – power of attorney - Atulya Sharma and Kaushik Chandrakant Shaparia are the power of attorney holders and they are authorised to initiate all legal proceedings including bankruptcy or insolvency of any person or firm on behalf of the petitioner - they authorised Mr. Sudarshan Sreedharan and Damodaran Sreenivasan by duly executing power of attorney – Power of attorney basing on which the winding up proceedings have been initiated by Mr. Sudarsan Sridharan and Mr. Damodaran Sreenivasan on behalf of the petitioner-bank against the respondent-company - Held that:- It is nowhere indicated in the power of attorney that they are authorised to initiate winding up proceedings against the respondent-company - When the signatories to the petition had no proper authorisation to initiate winding up proceedings, it cannot be said that the petition has been validly instituted – Petition dismissed
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