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of <h1>Company granted voluntary winding up petition under Companies Act, 1956</h1> <h3>In Re: Madan Associates Pvt. Ltd. (In Vol. Liqn.)</h3> The petition for voluntary winding up of a company under section 497(6) of the Companies Act, 1956 was granted. The company, Madan Associates Private ... Voluntary winding up - dissolution of the company - Held that:- The Registrar of Companies, NCT of Delhi and Haryana vide its letter No.15817 dated 09.03.2016 has stated that it has no objection for dissolution of the company in voluntary liquidation. From the scrutiny of the records submitted by the voluntary liquidator, the Official Liquidator attached to this Court is satisfied that the necessary compliances of Section 497 of the Act and other related provisions of the Companies Act, 1956, as applicable thereto have been made and the affairs of the Company have not been conducted in any manner prejudicial to the interest of its members and public at large and thus requested for the winding up of the petitioner company. All relevant documents are annexed to the petition. The petition of the Official Liquidator is taken on record and the petitioner company is ordered to be wound up and dissolved from the date of filing of this petition. Issues involved:Petition for voluntary winding up of a company under section 497(6) of the Companies Act, 1956.Analysis:The petitioner, the Official Liquidator, filed a petition seeking voluntary winding up of a company named Madan Associates Private Limited. The company was incorporated on 12.03.1973 with an authorized Share Capital of Rs. 1,00,000 divided into 1,000 equity shares of Rs. 100 each. The registered office of the company is located in New Delhi. During the Members Voluntary Winding up, it was revealed that the company had four shareholders and two directors. The financial position of the company was disclosed through audited balance sheets ending on 31.03.2015 and 31.07.2015.An Extra Ordinary General Meeting of the Members was held on 31.08.2015, where a special resolution for Members Voluntary Winding up was passed. A Voluntary Liquidator was appointed, and the declaration of solvency was approved and filed with the Registrar of Companies. The necessary forms were duly filed as per the provisions of the Act. The appointment of the Voluntary Liquidator was notified in the official Gazette and newspapers. Subsequent notifications were published in newspapers and the Official Gazette for the final meeting.The shareholders of the company provided necessary affidavits and indemnity bonds declaring that the company was in a position to pay its debts within a year of winding up. The Official Liquidator submitted a No Dues Certificate from the Income Tax Department. The Registrar of Companies confirmed having no objection to the dissolution of the company in voluntary liquidation.Upon scrutiny of the records submitted by the voluntary liquidator, the Official Liquidator concluded that all necessary compliances under Section 497 of the Act and other related provisions had been met. The affairs of the company were found not to have been conducted in a manner prejudicial to the interest of its members and the public. Consequently, the petition for winding up and dissolution of the petitioner company was granted. The Official Liquidator was directed to file a copy of the order with the Registrar of Companies within the statutory period as provided in the Act, and the petition was accordingly disposed of.
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