RAMANIKA SILKS PVT.LTD Vs. J.C AUGUSTINE

JUDGEMENT

(1.) This application is filed by the respondent Company in C. P. No. 26/1998 to revoke the admission of the winding up petition and to stay all further proceedings till the disposal of the application under R.96 read with R.9 of the Companies (Court) Rules. C. P. No. 26/98 is filed by the respondents herein who are the shareholders of the Company seeking an order for winding up of the Company under S.433(e) and (f) and 439(1)(c) of the Companies Act.

(2.) When the Company Petition came up for admission on 1st June 1998 this Court admitted the same and directed issue of notice to the respondent petitioner herein and to publish in one issue of Indian Express and Malayala Manorama, Cochin edition and in the Official Gazette. The draft publication was produced on 2nd June 1998 and was approved by this Court and publication was directed to be effected with hearing dated 3rd July 1998.

(3.) This petition is filed by the respondent Company in the C. P. on 18th June 1998 seeking revocation of admission of the winding up petition and to stay all further proceedings till the disposal of the application. The respondents have filed a detailed counter affidavit opposing this application. Both sides were heard in detail.