CHETTINADU CONSTRUCTIONS Vs. MUTHUKUMARASAMY TEXTILES LIMITED

JUDGEMENT

(1.) THE prayer in the company petition is to wound up the respondent Company and for a consequential direction that the properties of the Company be directed to be vested with the Official Liquidator.

(2.) THE respondent Company is a limited liability Company involved in textile business since 2006. THE authorised share capital of the respondent Company, according to the petitioner, is Rs.11 Crores of 1,10,00,000 equity shares of Rs.10 each and the issued, subscribed and paid-up share capital is Rs.3 Crores, consisting of 30,00,000 equity shares of Rs.10/- each. THE main objects of the respondent company is to carry on the business of manufacture, processors, imports, exports, buy, sell and deal with all kinds of yarn like cotton yarn, polyester cotton yarn, synthetic yarn and polyester yarn in all range of counts and hosiery goods, readymade garments manufactured from cotton, wool, silk, jute, etc.

(3.) WHEN the company petition was posted for admission, notice was ordered and in C.A.No.671 of 2009 filed by the petitioner seeking interim injunction restraining the respondent, its men, agents, officers or anyone claiming through it from alienating, disposing of or otherwise encumbering all machineries, stock in trade and raw materials at the factory site at M/s.Muthukumarasamy Textiles Ltd., Ponnivadi Village, Yeragampatti Pirivu, Dharapuram to Oddanchatram Main Road, Dharapuram-638656, Erode District, this Court granted interim injunction by order dated 20.5.2009.