https://www.taxtmi.com/caselaws?id=111441 Acceptance of public deposits, repeated cheque defaults, non-compliance with RBI directions on approved securities, and a negative net owned fund were treated as evidence that the company could not meet depositor obligations. Those facts also showed liabilities exceeding realizable assets and supported the statutory basis for winding up on grounds of inability to pay debts and public interest. The company was therefore held liable to be wound up under the Reserve Bank of India Act, 1934 read with the Companies Act, 1956, and liquidation through the official liquidator was ordered. en-us Thu, 21 Dec 2006 00:00:00 +0530 Mon, 23 Apr 2012 15:28:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111441 Acceptance of public deposits, repeated cheque defaults, non-compliance with RBI directions on approved securities, and a negative net owned fund were treated as evidence that the company could not meet depositor obligations. Those facts also showed liabilities exceeding realizable assets and supported the statutory basis for winding up on grounds of inability to pay debts and public interest. The company was therefore held liable to be wound up under the Reserve Bank of India Act, 1934 read with the Companies Act, 1956, and liquidation through the official liquidator was ordered. Case-Laws Companies Law Thu, 21 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111441