RAMESH G BHATIA Vs. GOPALA GASES PRIVATE LIMITED

JUDGEMENT

(1.) This petition has been filed under Section 433 read withSection 438 of the Companies Act seeking winding up of the respondent-company.

(2.) This company was incorporated in February 1980 as a private limitedcompany with a nominal capital of Rs.1,60,000.00 divided jnto 1,60,000.00 equityshares of Rs.10.00 each. The paid up capital of the company is Rs. 15,14,550.00 andthe authorised preferencial shares capital of the company is Rs. 9,00,000.00 dividedinto 90,000 preferencial shares of RS.10.00 each and the paid up preferencial capitalof the company is only Rs. 8,50,000.00. The petitioner is having 7500 equity sharesof value of Rs10.00 each in this company.

(3.) The company was carrying on the business of manufacturing industrialgases. Another company by the name of M/s. Uttam Air Products Private Limitedwas already functioning and the petitioner and respondent No.2 are Directors ofthat company. Respondents 2 & 3 are real brothers and are Directors of respondentNo.1 company. The company owns a factory premises at Mandi Gobindgarh,Punjab and admittedly, the petitioner was supervising and managing the operations of the factory at Gobindgarh although the petitioner resided at Chandigarh.