LORD KRISHNA SUGAR MILLS LTD Vs. ABNASH KAUR

JUDGEMENT

(1.) This is an appeal under Clause 10 of the Letters Patent against an order passed by Mr. S. B. Capoor as Liquidation Judge on the 27th of January, 1961.

(2.) The facts are that a Petition was filed by Shrimati Abnash Kaur on the 25th of November, 1960, for the winding up of the present appellant company, the Lord Krishna Sugar Mills Ltd. The petitioner claimed to be holding shares of the value of Rs. 72,000/- out of the total paid-up capital of Rs. 12,00,000/- and also that her minor son Kanwal Kishore who was under her guardianship was holding 7.100 shares valued at Rs. 71,000/-and the winding up of the company was sought on the ground that it was just and equitable on account of the alleged oppression of the minority share-holders and various allegations of mismanagement. 2a. The petition came before my Lord the Chief Justice for admission on the 30th of November, 1960, when he ordered the issue of notice to the company. Mr. Ved Vyas, Advocate, who was present at the time accepted notice on behalf of the company and it was ordered that the matter should be posted for preliminary issue without issue of citation on the 9th of December, 1960. The case actually came before Tele Chand J. on the 15th of December when he passed the following order :

(3.) It appears that on the 15th of December, 1960, the company had filed an application praying that the winding up petition should be dismissed in limine, or in other words for the revocation of the order of admission and since then further applications have been filed that the winding up petition should be rejected on the ground that it has been filed mala fide and also praying for an order under Sec. 443 (2) of the Companies Act, 1956, which provides that where the petition is presented on the ground that it is just and equitable that the company should be wound up, the Court may refuse to make an order of winding up, if it is of opinion that some other remedy is available to the petitioners and that they are acting unreasonably in seeking to have the company wound up instead of pursuing that other remedy. These applications are still pending and a date is said to have been fixed in March for evidence on the question of mala fides,