1983 (2) TMI 213

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....ding up of the company called M/s. Rajendra Paper Mills Ltd., having its registered office at Titilagarh in the district of Balangir under the provisions of the Companies Act, 1956, and the official liquidator was directed to function as the liquidator. Under section 545(3) of the Act, the directors of the company were to submit a statement of affairs of the company within twenty-one days from th....

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....time and, hence, he has no liability to submit any statement of affairs or the books and the records. Though the petitioner as an ex-director of the company is liable to submit the statement of affairs of the company, it still remains for consideration whether, on the facts and circumstances of the case, there is any reasonable excuse for not filing a statement of affairs as required by section 4....