K APPA RAO Vs. SARKAR CHEMICALS PVT LIMITED

JUDGEMENT

(1.) This petition is filed under sections 433(e), 434(1)(a) and 439(b) of the Companies Act, 1956, for an order winding up the respondent-company. The four petitioners are the creditors of the company. The authorised share capital and paid-up share capital of the company are Rs. 9,00,000 and Rs. 5,35,000, respectively. The shares are of the value of Rs. 100 each. It is stated that the company owes large amounts of monies to the mother of the first petitioner and the three other petitioners.

(2.) According to the averments in the petition, the mother of the first petitioner deposited an amount of Rs. 28,000 consisting of Rs. 5,500 on 28/10/1986; Rs. 9,500 on 22/11/1986, Rs. 2,000 on 26/12/1986, Rs. 4,000 on 10/01/1987, and Rs. 7,000 on 5/02/1987, with the company. Sri C. Ramachandra Rao describing himself as the managing director of the company had executed receipts on behalf of the company evidencing those deposits, bearing receipts Nos. 2/3, 2/14, 2/20, 2/23 and 2/26, respectively. The deposits should bear interest at 15 per cent. per annum. On the death of his mother, the first petitioner became entitled to recover the above amounts. He sent legal notice to the company on 26/04/1989. The managing director and the executive director of the company had acknowledged the above notices.

(3.) The second petitioner, likewise, deposited an amount of Rs. 30,000 on various dates. The managing director of the company had acknowledged receipt of the above amounts in receipts Nos. 2/11, 2/15, 2/19 and 2/21. He sent a legal notice requiring the return of the amount along with 15 per cent. interest. The managing director of the company received the notice on 12/05/1989, and the executive director on 3/05/1989.