OFFICIAL LIQUIDATOR Vs. NAGIN B. PARIKH AND OTHERS

JUDGEMENT

(1.) The company Jamshedpur Cement Ltd., was wound up by this court on January 14, 2003. The official liquidator attached to this court is in possession of all its assets and other properties.

(2.) As is routine in winding up proceedings, an order was made by this court on August 31, 2007, appointing a chartered accountant to investigate the affairs of this company under Sec. of the Companies Act, 1956 (hereafter "the Act"). The court was in contemplation of starting misfeasance proceedings against the directors and other officers of the company. It would be guided, in ordering initiation of those proceedings by the report of the auditor to be filed after investigation was complete.

(3.) Mr. P. K. Chatterjee who was appointed as auditor submitted his report on December 6, 2007. On examination of the report, this court ordered misfeasance proceedings to be started. They were accordingly started and the misfeasance application came to be numbered as C. A. No. 14 of 2007. This application had ten respondents, all directors or responsible officers of the company. It appears that the statement of affairs was filed by the second, third, sixth and ninth respondents.