TMI Blog1993 (8) TMI 265X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the time when the company did business it is alleged that the company was incurring huge loss. The petitioner was examined as PW-1. The deputy chairman of the company was examined as PW-2. Both of them gave evidence to the effect that the company did not do any business after March, 1987. CW-1 and CW-2 were examined to show that the company had in fact been doing business after 1987 also. However, there is no positive reliable evidence tendered by them to show that the company did any business after March, 1987. Much reliance is sought to be placed by the shareholders who sought to be impleaded in the above petition, but permitted only to assist this court, on exhibit A-2 which is a photostat copy of the cash bill/proforma invoice allege ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs was held as per the orders of this court under the chairmanship of the advocate commissioner on July 3, 1993. The advocate commissioner has filed his report dated July 7, 1993, wherein it is shown that out of the 48 members 34 members supported the proposal for winding up of the company and four members opposed the same. Out of the 34 members who supported the winding up the support lent by six members was objected to on the ground that they had not paid the call money on the shares and the support lent by three other members was objected to on the ground that members who had executed the proxies were outside India and the signature of the members is open to doubt. Objections to the report has been filed by the advocate, Mr. A.T. Varghes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k any person who is responsible for any misdeed if so alleged and proved even if the company is ordered to be wound up. At any rate, in view of the fact that the ground urged under section 433( c ), viz. , the suspension of business for more than one year stands clearly established, there is sufficient justification for winding up of the company. It is all the more fair and equitable to do so in view of the majority opinion of the shareholders expressed in a special meeting called for this purpose. In the circumstances, I allow the petition and the official liquidator who has been functioning as the provisional liquidator of the company is appointed as the official liquidator and the registry is directed to issue orders in Form No. 52 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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