SARASWATHI GOPALAKRISHNAN Vs. SURANA TEXTILE MILLS LTD.

JUDGEMENT

(1.) THE petitioner has filed the above company petition under Section 433(f) read with Section 439 of the Indian Companies Act, 1956, to wind up the respondent -company, namely, Surana Textile Mills Pvt. Ltd., Coimbatore.

(2.) THE case of the petitioner as set out in the company petition is briefly stated hereunder :

(3.) IT is further stated that the balance -sheet of the respondent for the year 2000 -2001 reflects that a sum of Rs. 16,00,484 has been invested as capital in a partnership firm and another sum of Rs. 28,50,000 has been invested in the Hindukush Processing Mills (P.) Ltd. Therefore, there has been serious diversion of nearly forty four lakhs of rupees to other business, when admittedly the business of the respondent itself is doing badly. Since such siphoning off of funds would eat into the very vitals of the respondent -company, the respondent is to be restrained by an order of injunction.