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2018 (6) TMI 1578 - HC - Companies LawWinding up petition - company has not commenced and has failed to hold the statutory meetings and to deliver statutory reports - default in filing with the Registrar its balance-sheet, profit and loss account or annual returns for five consecutive financial years - HELD THAT:- It a company can be wound up if a default is made in delivering the statutory report to the Registrar or in holding the statutory meetings and if the company does not commence its business within a year of incorporation or suspends its business for the whole year. Similarly, under section 433(d) of the Act of 1956, the company can be wound up if the number of members is reduced below two in case of a private company (as in the present case). Under section 433(g), the company can be wound up if it has made default in filing with the Registrar its balance-sheet, profit and loss account or annual returns for five consecutive financial years. In considered view, the provisions of section 433(b), (c), (d) and (g) of the Act of 1956 would be attracted in this case and thus, it would be just and proper that the company is wound up. The fact that the company has not commenced and has failed to hold the statutory meetings and to deliver statutory reports, is explicit from the record, including the letter dated September 18, 2009 from Eric Sequeira. As noticed earlier, there were only two shareholders/directors of the company namely, the petitioner and Shri Eric Sequeira and on the death of Mr. Secqueira, the number of members is reduced below two. Thus, the company, which is a private limited company, is liable to be wound up also under section 433(d) of the Act of 1956. In the circumstances, the petition is allowed
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