RAHMAT KHAN Vs. HANUMAN DAS & SONS

JUDGEMENT

(1.) INSTANT company petition has been filed under sections 433, 434 and 439 of Companies Act, 1956 ("Co. Act") seeking winding up of M/s. Hanuman Das & Sons (P.) Ltd. ("respondent -Co.") duly incorporated on 6 -12 -1948 having registered office at C -29, Bhagwan Das Marg, Jaipur.

(2.) PETITIONER -1 (Rahmat Khan) claims himself to be creditor as well as contributory/ share holder while petitioners -2 to 4 (Ibrahim Ali, Smt. Choti & Yaqub Ali, claim themselves as contributories of respondent -Co. Petitioners are holding respectively 150, 200, 200 & 50 shares of respondent -Co. and out of total 2000 shares, they hold 600 shares of the value of Rs. 60,000.

(3.) HOWEVER , respondent -Co. approached the petitioner -1 for borrowing a certain sum which was arranged from time to time and as a result whereof, after the year 1993, the liabilities against respondent -Company kept on rising since statutory dues like income tax returns, municipal taxes, land & building tax were not being paid by respondent -Co., and no party was interested in clearing liabilities nor any party took initiative to settle statutory dues outstanding against it. Respondent -Co. failed to satisfy statutory outstanding dues including amount of loan extended by petitioner -1 and that after the year 1991, respondent -Co., failed to file its annual returns & balance sheets with the Registrar of Companies and last balance sheet prepared by respondent -Co., was of the year 1990 -91 filed with Registrar of Cos.