PAMARTI VENKATASWAMY Vs. KODANDARAMA BUS TRANSPORT LTD

JUDGEMENT

(1.) THIS is an appeal from the judgment of Viswanatha Sastry J., in an application under the Companies Act refusing to order the voluntary winding of Kodandarama Bus Transport Ltd., (hereinafter referred to as the Company) subject to the supervision of the Court.

(2.) THE petitioner is the appellant. The appellant who is one of the 14 share -holders held fully paid up shares in the Company which was corporated on 6 -6 -1945 with an authorised capital of Rs. 2,00,000/ - divided into 4,000 shares of Rs. 50/ - each. He also claims to be the creditor of Company to the extent of about Rs. 10,000/ -.

(3.) THE appellant in his rejoinder challenged the legality of the agreement of 16 -3 -1952 and the distribution of the motor vehicles and liabilities of the Company among the share -holders. He stated that was not a party thereto and that this agreement was superseded by the resolution for voluntary winding up of the Company and that the income -tax arrears were payable by the Company from its funds. He further stated that the motor vehicles belong to the Company and the permits stood in its name, that the second respondent was no longer a liquidator having resigned his office, and it was just and equitable that the Company should be wound up under the Court's supervision.