TaxTMI 
TaxTMI 
1967 (9) TMI 86
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.... it was stated that the books of the company were seized by the police with the result that they were disabled from getting their accounts audited, preparing the balance-sheet and profit and loss account and placing them before the shareholders in the annual general meeting held on 31st March, 1965. For this default the petitioners were prosecuted and sentenced to pay a fine of Rs. 50 each or in default undergo simple imprisonment for ten days. It was further alleged in the petition that since the books continued to be in the custody of the police, the petitioners could not comply with the said provision in spite of their conviction. They, therefore, made the said petition for relief under section 633. The matter was disposed of on Janua....
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.... in rejoinder filed on behalf of the petitioners it is said that the balance-sheet and the profit and loss account were filed with the Registrar on July 7, 1967, but inadvertently the auditor's report was not enclosed and on the Registrar pointing out the said omission the auditor's report was also filed. It is, however, not disputed that a complete balance-sheet with profit and loss account and the auditor's report has since been filed with the Registrar. The petitioners have claimed extension of time on the following grounds: (1)The books of the company were not returned by the police till January 29, 1967, so that the petitioners lost about one month out of the three months allowed by this court by order dated January 6, 1967; (....
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....nly serious controversy raised on behalf of the Registrar of Companies was about the competence of this court to extend the time fixed by the order dated January 6, 1967. The learned counsel for the Registrar contended that rules 7 and 9 did not confer jurisdiction on this court to extend time fixed in exercise of powers under section 633 of the said Act. The learned counsel for the petitioners, on the other hand, mainly placed reliance on the said two rules. He, however, adumbrated an additional argument, which he did not develop, that this court has inherent power to extend time. Under section 633, the court may relieve officers of the company wholly or partly from liability on account of defaults on such terms as it may think fit. Acting....
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....l ; and (v)generally for all applications to be made to the court under the provisions of this Act. " The expression "prescribed" has been defined in section 2(33) as under : "'prescribed' means, as respects the provisions of this Act relating to the winding-up of companies except sub-section (5) of section 503, sub-section (3) of section 550, section 552 and sub-section (3) of section 555, prescribed by rules made by the Supreme Court in consultation with High Courts, and as respects the other provisions of this Act including sub-section (5) of section 503, sub-section (3) of section 550, section 552 and sub-section (3) of section 555, prescribed by rules made by the Central Government." Sub-section (2) of section 643 need not ....