OFFICIAL LIQUIDATOR U P Vs. RAJESH KUMAR SRIVASTAVA

JUDGEMENT

(1.) HEARD Shri Raj Nath N. Shukla, advocate, learned counsel for the Official Liquidator in support of the application and Shri Ashok Mehta, learned counsel appearing on behalf of Ex-directors of the company in liquidation.

(2.) THIS is an application under Section 454 (5)/468 read with Section 630 of Companies Act, filed on behalf of the Official Liquidator for taking cognizance of offence committed by Ex-directors of the Company in liquidation for non-filing of the statement of affairs within the prescribed limit of time under Section 454 (5) of the Companies Act. The further prayer in the said application is for taking cognizance of Section 468 for non-handing over the assets of the Company in liquidation.

(3.) CONSIDERED the respective submissions of the learned counsel for the parties and perused the record. So far as the facts are concerned, they are not much in dispute. The default on the face of it is established. Only question which survives is as to whether there was reasonable cause for not making deposit within time or not.