2022 (5) TMI 147 - MADRAS HIGH COURT - Corporate Laws

Head Note / Extract:
Seeking dissolution of company - Section 481 of the Companies Act, 1956 - HELD THAT:- Though it cannot be gainsaid that the OL is unable to proceed with the winding up of said company for want of funds, it is clear that just and reasonable circumstances exist for acceding to the dissolution prayer. These reasonable circumstances are as alluded to/delineated. This takes this order back to the seven limbed prayer in the captioned company application - it would be appropriate that the undistributed funds in the hands of OL, the details of which have been captured in the said report, shall be deposited in the appropriate Public Account of India in the Reserve Bank of India after making permissible standard statutory deductions and after incurring reasonable incidental expenses as permissible under the statute and the Rules threat i.e., said Act and Rules therein. The company is dissolved - application allowed.