ASHOK GOWDA Vs. GOPIKA CREDIT AND INVESTMENT CO.

JUDGEMENT

(1.) This petition is filed under Section 433(e) and (f) of the Companies Act, 1956 (hereinafter referred to as 'the Act' seeking to wind up the Respondent -Company by name M/s. Gopika Credit and Investment Company (herein after referred to as 'respondent - Company', which is a partnership firm having its registered office at No. 1st Floor, Gopika Building, Main Road, Sullia -574 239.

(2.) IT is contended by the petitioners that the first respondent is the registered Partnership firm and it is represented by its Managing Partner - the second respondent. Respondent Nos. 3 to 9 are other partners of the firm. The firm is deemed to be a Company under Section 582 of the Companies Act and the provisions of the Companies Act are applicable. The respondent Company is engaged in the business of accepting deposits from the general public and lending the same to the needy at an higher rate of interest and thereby, earn profits, his further stated that the respondent -company after running the Company for certain number of years has incurred loss and thereafter, it did not respond to the request of the petitioners for repayment of the amount deposited by them, leave alone the interest thereon. It is stated that a sum of Rs. 11,67,945/ - is due to the petitioners which are the monetary value of the Fixed Deposit receipts issued by the respondent -company. It is stated by the petitioners that the liability of the respondent -company is more than five crores and the assets are not more than three crores as on the date of the filing the petition. It is further stated that the petitioners have issued notice to the respondent -company asking for repayment of the amount due to them. In spite of the lapse of 21 clays, the respondent -company has not paid the amount due to the petitioners. Hence, left with no other alternative the petitioners have filed this petition for winding up of the respondent -company.

(3.) THE petition was admitted on 19.08.2009 and thereafter, the advertisement, was taken out in 'The Hindu' daily newspaper dated 31.08.2009. However, no further response has been received in this matter.