REGENT COMPUTRONICS PVT. LTD.

AUTOMAC (MADRAS) PRIVATE LIMITED Appellant

V/S

STATE Respondents

Referred Judgements :-

SUN ALLIANCE INDUSTRIES LTD V. I.R.C. [REFERRED TO]
WOOD POLYMER LTD.,RE [RELIED ON]
KRITI PLASTICS PVT. LTD.,RE [RELIED ON]
NILNITA CHEMICALS LTD. [RELIED ON]
TRACKPARTS OF INDIA LTD. V. K.N. BHARGAVA [RELIED ON]
UNION OF INDIA V. AMBALAL SARABHAI ENTERPRISES LTD. [RELIED ON]
COMMISSIONER OT INCOME TAX GUJARAT VS. A RAMAN AND CO [REFERRED TO]
COMMISSIONER OF INCOME TAX WEST BENGAL VS. CALCUTTA DISCOUNT COMPANY LIMITED [REFERRED TO]
MIHEER H MAFATLAL VS. MAFATLAL INDUSTRIES LIMITED [FOLLOWED ON]
HINDUSTAN LEVER VS. STATE OF MAHARASHTRA [FOLLOWED ON]
A W FIGGIS AND CO PVT LTD VS. STATE [RELIED ON]
W H TARGETT AND CO LTD VS. WALL STREET INVESTMENT P LTD [REFERRED TO]
T DURAIRAJAN VS. WATERFALL ESTATES LIMITED [FOLLOWED ON]

JUDGEMENT

(1.) This is a petition filed by a Private Limited Company, seeking sanction of a Scheme of arrangement under Sections 391 and 394 of the Companies Act, 1956.

(2.) Heard Mr. V. Venkadasalam, learned counsel for the petitioner, Mr. M. Jayakumar, learned Deputy Official Liquidator and Mr. V. Parivallal, learned senior Central Government Standing counsel.

(3.) The petitioner is a Private Limited Company, having an authorised share capital of Rs. 1 crore divided into 1 lakh shares of Rs. 100/- each and a paid up capital of Rs. 84 lakhs divided into 84,000 equity shares of Rs. 100/- each. There are only 4 shareholders and the company has no secured creditors. There has been no activity in the company for the past 7 years. Therefore, they proposed a scheme of arrangement, by which it was decided to dissolve the company without winding up and to have the only immovable property owned by the company divided among the 4 shareholders.

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AUTOMAC MADRAS PRIVATE LIMITED Vs. STATE

Referred Judgements :-

JUDGEMENT

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