KOLA JAGANNADHA REDDY Vs. HARSHITHA POLYMERS (P) LTD.

JUDGEMENT

(1.) Both these petitions are filed by the creditors for winding up of the respondents companies under sections 433(e), 434(a) and 439(1)(b) of the Companies Act and under rule 95 of the Companies (Court) Rules.

(2.) It was averred that the respondent companies are private limited companies registered under the Companies Act, 1956, and the main objects of the companies according to the memorandum of association are to carry out the business of manufacturing, processors, dealers, contractors, agents, suppliers etc. for all or any kind of plastics such as polythene bags, tubing, woven sacks containers, etc. The petitioner was approached by the directors of the respondent companies to make deposit for day-to-day running of their companies and they promised to repay the said amount within ten days. But the respondent companies did not pay the said amount and, therefore, the petitioner issued a notice calling upon the respondents to refund the amount within 21 days. Inspite of the notice, the respondent companies did not pay the amount. Therefore, the present cases are filed for winding up of the respondent companies.

(3.) On presentation of the petitions, notice was ordered to the respondents.