TMI Blog1977 (2) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... this petition for the winding up of the respondent-company, Messrs. KT. Financiers Private Ltd., Lucknow. It was stated that the company was incorporated on 3rd October, 1956, and had its registered office at 14, Mahatma Gandhi Marg, Lucknow. The company was established to purchase, sell or hire out or sell on hire-purchase system all kinds of new and used motor vehicles, parts thereof, tractors, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing out contracts and to carry on any other trade or business of any description whatsoever which may seem to the company of being advantageously or conveniently carried on by the company in connection with the business of the company. The last balance-sheet of the company was for the period ending March 31, 1969, but the subsequent balance-sheets of the years ending March 31, 1970, March 31, 1971 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be unsatisfactory and it was unable to pay its debts in terms of clause ( e ) of section 433 of the Companies Act, 1956. A show cause notice dated October 22, 1973, was issued to the company and its directors by the Regional Director, Northern Region, Company Law Board, Kanpur, under section 439(5) of the Companies Act. The company and its directors did not reply to the aforesaid notice nor subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... main uncontroverted. The statutory notice under section 439(5) of the Companies Act had been served on the company and its directors. They made no representation against the same. The order passed under section 439(5) by the Regional Director makes it clear that the company's liabilities far outweigh the assets of the company. As a matter of fact, the extract of the balance-sheet as shown in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
