LOKENATH GUPTA Vs. CREDITS PRIVATE LTD

JUDGEMENT

(1.) This is an application made by Lokenath Gupta, Kanailal Agarwalla and Ramratan Panday, three directors of the Credits Private Limited, hereinafter referred to as the said company for an order for winding up the said company on the ground that it is just and equitable that the said company should be wound up. The registered office of the said company is situate at No. 65/1, Maharshi Devendra Road, Calcutta. The said company was incorporated in the year 1958 and is a private company limited by shares. The objects for which the said company was established have been set out in paragraph 5 of the petition and sub-paragraphs thereunder.

(2.) The said company was promoted by Kanailal Agarwalla and his son, Lokenath Gupta, two of the petitioners, one Srikrishnadas Agarwalla and his son, Anand Mohan Gupta, both of No. 23, Garanhata Street, Calcutta. The said promoters were appointed the first directors of the company and are still the directors of the said company. On or about November 8, 1958, Anand Mohan Gupta was appointed the managing director of the said company for a period of 10 years by a resolution passed by the board of directors of the said company, The banking accounts of the said company are with the Bank of India Limited, Burrabazar branch and the Punjab National Bank Limited, Lyons Range. The said accounts could be and can be operated by the petitioners, Lokenath Gupta and the said Srikrishnadas Agarwalla.

(3.) The grounds for winding up have been set out in paragraph 16 and the sub-paragraphs thereunder. The main allegations are as follows :