EASWARAMURTHY ARUMUGAM Vs. SREE THIRUMALAI ELECTRONICS PVT LTD

JUDGEMENT

(1.) The Company Appeal is directed against the order passed by the Company Law Board in C.P.No.19 of 2015 on 09.03.2015. The said petition was filed before the Company Law Board under Sections 397 and 398 of Companies Act 1956. This Company Appeal is filed raising the following substantial questions of law:

(2.) The brief facts relevant for the purpose of deciding the appeal are as follows:-

(3.) After 2013, it was allegedly became difficult to continue with the operations as the appellants could not mobilise further funds for the working capital requirement of the Company. Therefore, it was decided to close down the factory and the Board of Directors, namely, the first and second appellants and the second and third respondents passed a resolution on 09.12.2013 in the Board Meeting to close the factory and also close all the bank accounts after settling their respective dues and also the dues of the workers of the Company.