PADMAVATHY PANEL BOARDS LIMITED (IN LIQUIDATION) REPRESENTED BY OFFICIAL LIQUIDATOR ATTACHED TO HIGH COURT OF KARNATAKA 4TH FLOOR, D AND F WING KENDRIYASADAN, KORAMANGALA BANGALORE-560034 Vs. MR. K.S. KRISHNAPRASAD EX. MG. DIRECTOR NO. 1151 11TH

JUDGEMENT

(1.) THIS petition is filed by the Official Liquidator under Section 454 (5) and (5A) of the Companies Act, 1956, read with Rule 132 of the Companies (Court) Rules, 1959.

(2.) IT is alleged in the said application that the respondents were former Directors of M/s.Padmavathy Panel Boards Limited [in liquidation] and that they have not filed the affairs of the Company within 21 days from the date of winding up order and therefore they have committed an offence under Section 454 of the Companies Act, 1956.

(3.) IN view of the above evidence on record, it is seen that the respondents have filed the Statement after seeking condonation of delay in filing the Statement and that the delay has been condoned. In view of the above facts since the Respondents have rectified the defect as sought by the Official Liquidator and as evidenced from the cross -examination of PW.1, the respondents have complied with the provisions of Section 454 of the Companies Act, 1956, hence this application does not survive for consideration. Accordingly, this Company Application is dismissed.