DAS AND COMPANY Vs. ORIENT WEAVING P LTD

JUDGEMENT

(1.) COMPANY Act Case No. 3/67 relates to Orient Weaving Pvt. Ltd. ('O WML' for short). The following were the Board of Directors of the said Company.

(2.) IN the three Company Act Cases most of the Directors are closely related to each other. This Court while dealing with the Company Act Cases feels it prudent to lift the veil of corporate entity and also the economic realities behind legal facade, as has been observed by the Supreme Court in the case of CIT v. : [1967]63ITR609(SC) .

(3.) WHILE the matters stood thus, it was brought to the notice of this Court by filing a memorandum by the Official Liquidator indicating that Paradip Port Trust and some Government Departments have raised certain claims against M/s. Utkal Distributors Pvt. Ltd. At this juncture, Company Act Case No. 5/92 was tagged to the proceedings. This Court called upon the parties to suggest suitable measures to decide the inter se dispute. By order dated 17 -1 -2003 this Court passed winding up order in Company Act Case No. 5/92 [Paradip Port Trust v. Utkal Distributors (P.) Ltd.] and directed as follows: