Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2022 (4) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 434 - Tri - Companies LawSeeking Winding up of Company - Oppression and Mismanagement - allegation is that majority shareholders have acted in a manner oppressive to the minority shareholders of the company - Section 272 of the Companies Act, 2013 - HELD THAT:- From a reading of the observations of the Independent Auditor in his report, it is seen that there is increase in liability but the assets are not increasing. Therefore, the operation of the company is becoming detrimental to the interest of its stakeholders. There is a likelihood of the happening of the event of insolvency. In the result, by exercising powers conferred on this Tribunal under Section 273 of the Companies Act, 2013 and other extant provisions of Companies Act, 2013, it is opined that it is a fit case for winding up of the company as the Auditors Report is very clear on that count. The Provisional Liquidator is permitted to initiate appropriate action in accordance with extant provisions of Companies Act, to take custody or control of all the properties, effects and actionable claims to which Company is or appears to be entitled to and take such steps and measures, as may be necessary, to protect and preserve the properties of the Respondent No. 1 Company and to avoid misuse of its property. List the petition for further orders when the final report received from the Provisional Liquidator - Registry is directed to send a copy of this order to the Petitioner and Respondents as also to the Provisional Liquidator immediately.
|