HYPINE CARBONS LIMITED Vs. J.C. BHATIA

JUDGEMENT

(1.) THIS order will dispose of the petition preferred under Sections 542 and 543 read with Section 541 of the Companies Act, 1956, by the official liquidator of the petitioner company, Hypine Carbons Limited, claiming the following reliefs :

(2.) BRIEF facts. The petitioner company was incorporated under the Companies Act, 1956 (hereinafter referred to as "the Act"), as a public limited company in the year 1969 having its registered office at Nalagarh. Ever since its incorporation, the petitioner company has been incurring losses. As per the balance sheet for the financial year ending March, 1976, the accumulated losses of the petitioner company amounted to Rs. 68,59,652. The petitioner company raised loans from various financial institutions, such as, banks and hire purchase financial corporation for the smooth running of its business. The unsecured loans owed by the company as on April 30, 1976, was to the tune of Rs. 50,18,544, This was in addition to the secured loans raised by the company.

(3.) RESPONDENTS Nos. 1 to 18 were the directors of the company. While respondents Nos. 19 and 20, respectively, were the secretary and the chief executive. Respondent No. 1 Shri J.C. Bhatia was the managing director of the company till December 6, 1973. Thereafter, respondent No. 12, Shri Ram Gopal Saraf functioned as director in charge cum chairman. Respondent No. 16, Shri Kuldip Prakash functioned as managing director of the company till the date of winding up.