TaxTMI 
TaxTMI 
1977 (4) TMI 100
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....on 15A of the Industries (Development & Regulation) Act, 1951, as amended by the amendment Act of 1971, hereinafter referred to as the Act, filed by the Union of India against the Shalimar Works Ltd., an existing company within the meaning of the Companies Act, 1956, having its registered office at No. 4 Garden Reach Road, Calcutta, for leave to carry out an investigation as indicated in section 1....
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....d under section 391(6) of the Companies Act. The question, therefore, is whether it can be stated that the company is being wound up. Section 15A of the Act says that when a company is being wound up, an application as indicated in that section will lie. The question, therefore, is whether in the facts and circumstances of the case the company can be stated to be in the process of being wound up. ....
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....also speaks about the dissolution of the company after the order passed for winding up of the company. I have been referred by Mr. Seth to section 391 of the Companies Act to get support, as he says, to this contention that after the filing of the application the company should be regarded as being wound up. Sub-section (1) of section 391 says that where a compromise or arrangement is proposed, th....
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....t cannot be said that as soon as an application for winding up is filed it becomes a case of a company being wound up. It clearly indicates, in my view, that the process starts after the order for winding up is made and not after the filing of an application for winding up. Therefore, one cannot say that a company is being wound up as soon as an application is filed for its winding up and before a....