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of <h1>Company dissolution approved, Ex-Directors' liability emphasized. Official Liquidator discharged.</h1> <h3>In Re : Official Liquidator of M/s Anjali Coating Pvt. Ltd</h3> In Re : Official Liquidator of M/s Anjali Coating Pvt. Ltd - TMI Issues:1. Dissolution of the Company in Liquidation under Section 481 of the Companies Act, 19562. Discharge and relief of the Official Liquidator3. Liability of Ex-Directors for future liabilitiesAnalysis:Issue 1: Dissolution of the Company in Liquidation under Section 481 of the Companies Act, 1956The Official Liquidator filed a report requesting the dissolution of the company in liquidation, M/s.Anjali Coating Pvt. Ltd., under Section 481 of the Companies Act, 1956. The report detailed the actions taken by the Official Liquidator, including the sale of company properties, disbursement of sale proceeds to secured creditors and workers, and the absence of funds in the company's account. The report also highlighted that no objections were received during the proposed dissolution process, and the company had no available assets for sale or funds to pay off debts.Issue 2: Discharge and Relief of the Official LiquidatorThe Court considered the report submitted by the Official Liquidator, which certified the lack of funds and assets in the company. As a result, the Official Liquidator was relieved from further actions related to the winding-up proceedings. The Court acknowledged the disbursement of funds to secured creditors and workers prior to a Supreme Court judgment prioritizing provident fund dues. It was noted that no recovery towards provident fund dues was possible due to the absence of funds in the company's account.Issue 3: Liability of Ex-Directors for Future LiabilitiesThe Court ordered the dissolution of M/s.Anjali Coating Pvt. Ltd. under Section 481 of the Act and discharged the Official Liquidator from duties. However, the Ex-Directors were directed to file an undertaking within two weeks, stating their responsibility for any future liabilities arising in connection with the company. This directive aimed to ensure accountability for potential obligations that may arise post-dissolution.In conclusion, the Court approved the dissolution of the company in liquidation, discharged the Official Liquidator, and emphasized the Ex-Directors' obligation to assume responsibility for any future liabilities. The Official Liquidator was instructed to inform the Registrar of Companies about the dissolution within 30 days, and the report was disposed of accordingly.
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