GOKUL CHAND D MORARKA Vs. COMPANY LAW BOARD

JUDGEMENT

(1.) This judgment will dispose of Company Appeals Nos. 3, 4 and 5 of 1972 also. These appeals are against the common orders of the learned Company Judge of this Court dated 7th January, 1972 and 12th January, 1972, the Fatter flowing from the former. The facts leading to these appeals may be briefly noticed :

(2.) The Ganesh Flour Mil's Co. Ltd. (hereinafter referred to as the Company) had its registered office in Delhi with an authorised capital of Rupees two crores divided into equity and preference shares. The issued capital was Rs. 1,02,01,925.00 out of which the subscribed and fully paid up capital was Rs. 99,42,333.00. The Company has two vanaspati manufacturing units, one in Delhi and the other at Kanpur; an electric fan plant and a P'ood Products Plant, both at Delhi; a Solvent Extraction Plant at Bombay and a Vegetable Products Factory and Flour Mill in West Pakistan. Except the Vegetable Ghee Plant at Kanpur, which is still running, the o'her factories of the Company were closed. Uoto November, 1968 the Company was looked after by a Board of Directors whose Chairman was S. N. Gupta and Secretary & General Manager was Kripa Narain the held this position since 1966). His brother Kishan Narain was the Manager of the Kanpur Unit.

(3.) The Company had made: Rs. 8.39 lakhs profits in 1964-65; Rs. 5.67 lakhs losses in 1965-66; Rs. 9.67 lakhs profits in 1966-67, and a huge loss of Rs. I crore 25 lakh in 1967-68. The assets of the Company, comprise, in addition to the above-said factories, a piece of land in Sabzi Mandi measuring 5600 sq. yards, industrial land at Najafgarh roads measuring 3,000 sq. yards, land in Soiiepat (haryana) measuring 175 bighas (out of which 145 bighas are under acquisition) and a small plot of .084 acres at Kanpur.