LAWS(MAD)-2009-7-403

BESANT RAJ INTERNATIONAL LTD Vs. VISHWABHARATHI TEXTILES LTD

Decided On July 01, 2009
BESANT RAJ INTERNATIONAL LTD. Appellant
V/S
VISHWABHARATHI TEXTILES LTD Respondents

JUDGEMENT

(1.) THIS petition is filed under Sections 433(e), 434 and 439 of the Companies Act (for brevity, "the Act") for a direction to wind up the respondent Company.

(2.) THIS Court, by an order dated 16.8.2002, having satisfied of the prima facie case had directed issue of notice to the Registrar of Companies, affixture of notice at the premises of the registered office of the respondent Company and also permitted advertisement in English daily "News Today" and the Tamil daily "Makkal Kural". However, by a subsequent order dated 26.9.2003, this Court, having found from the records of the Registrar, Board for Industrial and Financial Reconstruction (BIFR), New Delhi that in respect of the respondent Company under liquidation a case was pending before the BIFR in Case No.283/2002, closed the company petition in view of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, with liberty to file application as and when finality is arrived in the case before BIFR.

(3.) THE Company Petition has been filed by the petitioner which is a management consultancy company providing services to Indian Companies. One such service provided by the petitioner is syndication of funds for Indian Companies from both Indian and foreign sources. THE respondent company, having authorised share capital of Rs.75 Lakhs, divided into 5000 equity shares of Rs.500/- each, issued subscribed and fully paid up 10,767 equity shares of Rs.500/- each. THE main object of the respondent Company is to carry on the business of spinning and weaving cotton textiles and to construct, establish, purchase or otherwise acquire spinning mills, waste cotton spinning mills, weaving mills, etc.