RONAQ SINGH Vs. AMBALA BUS SYNDICATE PVT LTD

JUDGEMENT

(1.) RONAQ Singh and others have filed this petition under Sections 433, 434 and 439 of the Companies Act, 1956 (hereinafter referred to as " the Act"), for the winding up of the respondent-company. The facts stated therein may briefly be recapitulated.

(2.) THE Ambala Bus Syndicate (Private) Ltd. (hereinafter referred to as "the company") was registered under the Indian Companies Act, 1913, and is an existing company under the Act. The company was registered as a private limited company. The registered office of the company is situate at Rup-nagar in the State of Punjab. The authorised capital of the company is Rs. 15,00,000 divided into 60,000 shares of Rs. 25 each. The paid-up capital of the company is Rs. 12,13,700 of 42,548 subscribed shares.

(3.) IT is further stated in the petition that the total indebtedness of the respondent-company towards petitioners Nos. 9, 14 and 21 as on 31st of August, 1977, comes to Rs. 25,258, Rs. 31,394 and Rs. 20,487. 70, respectively, whereas their credits are shown by the respondent-company as on 31st of March 1977, at Rs. 21,737. 90, Rs. 28,105. 60, and Rs. 18,330. 90, respectively.