J D POLYMERS LTD Vs. STATE OF ALLAHABAD

JUDGEMENT

(1.) Heard Sri Tarun Agarwala, Advocate, the learned counsel for the applicant-company. List has been revised but no one appears for the J.D. Polymers Ltd.

(2.) This winding up petition was presented on 3-2-1999 under Sections 433(e) and (f), 434 and 439 of the Companies Act, 1956 to wind up J.D. Polymers Ltd., having its registered office at Flat No. 1, Priya Apartment, Tilak Nagar, Kanpur. It is stated in the petition that the company has authorised share capital of the respondent-company to the tune of Rs. 350 lakhs divided into 35,00,000 equity shares of Rs. 10 each and the issued and subscribed equity share is Rs. 50,00,000 divided into 5,00 000 equity shares of Rs. 10 each. The company is engaged in to design, manufacture, develop, improve, etc., leather, rubber, plytyeruathine, eva, polypropelin, HDP & LDP sheets, boot and shoe or other footwear products. The respondent-company approached the petitioner-company for Inter Corporate Deposit for their business purposes and assured the petitioner for timely payment of interest and repayment of the Inter Corporate Deposit within the time bound programme. Accordingly, the respondent-company received Inter Corporate Deposit from the petitioner a sum of Rs. 3 lakhs vide account payee cheque. It was agreed that the Inter Corporate Deposit for Rs. 3 lakhs was for a period of 4 months and would carry an interest at the rate of 21.5 per cent per annum. A receipt was executed on 3-6-1997. The respondent-company paid interest up to 31-3-1998 and thereafter the respondent-company defaulted in making the payment and that inspite of statutory notice, it failed to make the payment within 30 days.

(3.) Notices were directed to be issued. Publication of notice of the petition has also been made in newspaper Dainik Jagran on 21-7-1999.