OFFICIAL LIQUIDATOR Vs. RAVINDRA KUMAR SAXENA

JUDGEMENT

(1.) M/s. Rajasthan Jeevan Nidhi Sanchaya Aarthik Prabandh Ltd. ("Company") was ordered to be wound up vide order dated 8-7-1994 in Company Petition No. 1/1994; and Official Liquidator attached to the Court was appointed as its provisional liquidator from the date of winding up order -by virtue whereof, statement of affairs was to be filed by Directors of the Company as named in para 2 of instant application, as required under Section 454 of Indian Companies Act, 1956 ("Companies Act"); but it was not done in the prescribed time; as such Official Liquidator (applicant) as a complaint has filed instant application under Section 454 of the Companies Act, read with Rule 9 of Companies (Court) Rules, 1959. This Court vide order dated 17-9-2004 while admitting the complaint issued notice to the respondents.

(2.) Per contra, Counsel for applicant (O.L.) submits that the act of default alleged in the complaint being continuing offence, Section 472, CrPC will apply to the applicant (complainant) and, therefore, criminal complaint can be examined and tried by the Court in terms of procedure as provided under CrPC for trial of summons cases (Chapter XX, CrPC). In support, Counsel placed reliance upon decision of Delhi High Court in Globe Associates (P.) Ltd. (In Liquidation), In re, (1987) 61 Comp. Cas. 814.

(3.) This Court has considered rival contentions of the parties and with their assistance examined material on record. Respondents being ex-directors of the Company are required to file under Section 454(1) and (2) of Companies Act their statement of affairs of the Company, within 21 days of the winding up order or within such extended time not exceeding three months from the date as the Official Liquidator or the Court for special reasons may appoint as provided under Section 454(3).