ASHIMA LIMITED Vs. NACHMO KNITEX LIMITED

JUDGEMENT

(1.) The applicant namely Ashima Limited has taken out this Judge's Summons, seeking declaration from the Court that the transfer of shares of Nachmo Knitex Limited held by the applicant is valid and seeking further direction to Official Liquidator who was appointed as provisional liquidator vide an interim order dated 12th February, 2009 passed by this Court in Company Petition No.27 of 2009, to take note of the said transfer and shall make necessary changes in the register of members of the said company.

(2.) An affidavit is filed by Shri Hiren Mahadevia, in support of Judge's Summons. Mr. S.N. Soparkar, learned senior counsel appearing with Ms. Swati Soparkar has submitted that Company Petition has been filed by one M/s Bharat Mill Stores Company against Nachmo Knitex Limited, seeking winding-up of the said Company. The said petition was filed under Section 433 and 434 of Companies Act, 1956. This Court has passed an order on 12th February,2009 admitting the said petition and appointing the Official Liquidator as the provisional liquidator of the said Company. Pursuant to the direction given by this Court in the said order, the Official Liquidator has taken possession of the assets, documents, account and other records of the Company. Mr. Soparkar further further submitted that the applicant was one of the shareholders of the said company and held 11,38,800 Equity Shares of Rs.10/- each fully paid up. The said shares of the Company were listed on Bombay Stock Exchange Limited. However, due to deteriorating financial health of the said Company, the prices of the shares have fallen substantially and pursuant to the order of admission of winding-up petition, it has now reached a low of Rs.0.45 per share as on 25th February, 2009. He has further submitted that since there is no scope for the commercial or financial revival of the aforesaid Company, the applicant was desirous of disposing off its investment in the aforesaid company.

(3.) Mr. Soparkar has further submitted that the applicant has entered into a transaction of the transfer of said shares in favour of the following parties as per the following proportion shown against them.