TMI Blog1995 (12) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... , under section 481 of the Companies Act, 1956 ("the Act", in short), for dissolution of the company U.P. Presstressed Company Ltd. (hereinafter referred to as "the company in liquidation"). The relevant facts, in brief, are that the company (in liquidation) was promoted as a joint sector company by the U.P. Small Industries Corporation (U.P.S.I.C.) which had 51 per cent, shares and the opposite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uently, the official liquidator filed Company Application No. 24 of 1992 before this court, under sections 454(5), 456(1) and 468 of the Act, praying that cognizance for default may be taken against the ex-directors of the company (in liquidation). On notice being issued, a counter-affidavit was filed by one of the nominee directors of the U.P.S.I.C. stating that whatever records were available wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s ordered to be wound up. It appears that the company had taken heavy loans from the U.P.S.I.C.; the U.P.F.C. and the bank. The U.P.F.C. had taken possession of the factory under section 29 of the Act, and had also filed a suit against the company and obtained a decree. Similarly, the Bank of Baroda which was one of the secured creditors, had obtained a decree from the civil court and had filed Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceed with the winding up proceedings. I am, therefore, of the view that no useful purpose will be served by keeping this matter alive and the company deserves to be dissolved in the facts and circumstances of the case. As a result, the application filed by the official liquidator, under section 481 of the Act for dissolution of the company, U.P. Presstressed Company Ltd. (in liquidation), is all ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
