ADVANCE TELEVISION NETWORK LTD Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) Present petition has been filed under Section 433(a) read with Section 439 of the Companies Act, 1956 (for short 'Act') for voluntary winding up of the petitioner company.

(2.) Mr. Beri submits that the petitioner-company has not done any business since 2001-2002 and thus, it has not earned any income for the last ten years. He states there is no hope or prospect of the petitioner-company doing any further business as stated in its Memorandum of Association. He submits that keeping in view the long duration in which the petitioner company had not done any business, it would be just and equitable to wind up the petitioner company. In this context, he relies upon judgments in Surendra Kumar Pareek Vs. Shree Guru Nanak Oils Pvt. Ltd., 1995 82 CompCas 642, A. Sreedharan Nair Vs. Union Hardwares (Private) Ltd., 1997 89 CompCas 37 and Registrar of Companies, Bihar Vs. Shreepalpur Cold Storage Private Ltd., 1974 44 CompCas 479.

(3.) Mr. Beri candidly admits that a dispute in relation to business done with Prasar Bharti in 1998-1999, is pending adjudication before learned Arbitrator, Mr. Justice (Retd.) V.N. Khare.