INDO SWISS JEWELS LIMITED Vs. HMT WATCHES LIMITED

JUDGEMENT

(1.) This Company petition has been filed under Section 433(e) & (f) read with Section 439 of the Companies Act seeking winding up of the respondent company, namely, HMT Watches Limited, under the provisions of the Companies Act.

(2.) According to the petitioner the respondent company was incorporated on 19.8.1999 under the provisions of the Companies Act as a Public Limited Company limited by shares having its registered and Corporate Office at No.59. Bellary Road, Bangalore. The authorized and paid up capital of the respondent company is Rs. 10,00,000/- only divided into Rs. 1.00,000/- equity shares of Rs. 10/- each.

(3.) The main objects of the respondent company are to acquire the assets and liabilities and take over the business of HMT limited now carried on under its watch business group as a going concern and to carry on the business of designing manufacture, selling, exporting of all kinds of watches, time pieces, clocks, chronometers, horological instruments and other devices for measuring time and components, other scientific instruments and musical instruments, jewellery etc., and for that purpose to establish and promote factories and render assistance and services of every kind. The other objects of the respondent company are set out in the memorandum and articles of association which arc produced as Annexure-E to the petition.