OFFICIAL LIQUIDATOR Vs. KOLLI VENGAIAH NAIDU

JUDGEMENT

(1.) This Company Application is filed under sub-sections (5) and (5-A) of Section 454 of the Companies Act, 1956 (hereinafter referred to as 'the Act') for summoning the respondent herein i.e., Kolli Vengaiah Naidu and to punish him under sub-section (5) of Section 454 of the Act for non-compliance of the requirements of Section 454 of the Act and to direct him to file forthwith the statement of affairs as required by sub-sections (1), (2) and (3) of Section 454 of the Act.

(2.) In the affidavit filed in support of this Company Application, it is stated that this Court passed winding up order dated 8-9-1989 in Company Petition No.28 of 1987 directing the winding up of Waber Electric Private Limited and that the Official Liquidator was appointed as the Liquidator of the Company under Section 449 of the Act. It is further stated that the Official Liquidator issued notice to the respondent herein on 30-11-1989 to submit the statement of affairs of the company as required under Section 454 of the Act and that in spite of that notice, the statement of affairs has not been filed by any of 'the Ex- Directors of the Company' including the respondent herein. It is also stated that under Section 454 of the Act, the Ex-Directors of the Company are required to file the Statement of affairs of the company in liquidation furnishing the required details in the prescribed form. As the respondent herein did not comply with the requirements of Section 454 of the Act, it is stated that he has committed default in complying with the statutory requirements of sub- sections (1), (2) and (3) of Section 454 of the Act and therefore, he is punishable under sub-section (5) of Section 454 of the Act and this Court can take cognizance of the offence in view of sub-section (5-A) of Section 454 of the Act.

(3.) Summons were ordered on 29-7-1992. The respondent appeared through his Counsel and his personal appearance was dispensed with. He filed a counter affidavit dated 11-9-1992. There in he states that though he was inducted as a Director of the company during September, 1978, he submitted his resignation from the said post on 26-4-1986 with immediate effect to the board of Directors and the Board of Directors in their meeting held on 22-12-1986 accepted the said resignation and the resignation of another Director by name S. Ramachandraiah. He also states that on 22-12-1986 itself the company submitted Form No.32 as required under sub-section (2) of Section 303 of the Act as regards his ceasing to be the Director. He states that in the circumstances he does not have any knowledge about the affiars of the company and that, therefore, he is not under any statutory duty to furnish statement of affairs of the company.