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The HC held that the registered sale deeds executed after commencement of the Company's winding up did not confer valid title against the Company; because registered powers of attorney in favour of former employees remained unrevoked, receipts and custody of originals were with the Company, the only reasonable inference was Company ownership. Consequently Section 536 Companies Act, 1956 rendered dispositions made after commencement of winding up void unless court-validated; no validation was warranted as the applicants' claims were adverse to Company interests. The court declared the sale deeds and consequent revenue mutations void and dismissed the applications.
The HC held that the registered sale deeds executed after commencement of the Company's winding up did not confer valid title against the Company; because registered powers of attorney in favour of former employees remained unrevoked, receipts and custody of originals were with the Company, the only reasonable inference was Company ownership. Consequently Section 536 Companies Act, 1956 rendered dispositions made after commencement of winding up void unless court-validated; no validation was warranted as the applicants' claims were adverse to Company interests. The court declared the sale deeds and consequent revenue mutations void and dismissed the applications.
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