JAI SHREE UDYOG P LTD Vs. STATE

JUDGEMENT

(1.) A report has been filed being O. L. R. No. 33 of 2009 dated November 20, 2009 at flag-8 by the official liquidator stating that the company (in liquidation) ceased to carry on business in 1982 and assets were disposed of in the year 1995-96 to pay the liabilities of the banks and financial institutions and at present there does not appear to be any liability either of the banks or the financial institutions. This fact is also borne out from the statement of affairs filed by the ex-director under Section 454 of the Companies Act, 1956.

(2.) It is also pointed out that from the examination of the statement of affairs dated March 16, 2009, it appears that the company does not possess any assets and properties in the shape of balance at bank, cash in hand, marketable securities, bills receivables, trade debtors, loan and advances, unpaid calls, stock in trade, work in progress, freehold property land and buildings, leasehold properties, plant and machinery, furniture, fittings, utensils, etc., or investment other than marketable securities, lease stocks, vehicles etc., except a liability to the extent of Rs. 11,93,478.92. Apart from the same, it is pointed out that the E.S.I. Corporation by its letter dated March 27, 2009 had also demanded an amount of Rs. 9,24,493 payable by the company (in liquidation).

(3.) It is further pointed out that the statement of affairs was got prepared through M/s. R. N. Mishra and Company, chartered accountant, for which he has raised a bill of Rs. 12,000. It is stated that the ex-management has deposited a sum of Rs. 7,000 and Rs. 5,000 totalling Rs. 12,000 with the official liquidator for meeting the expenses.