TaxTMI 
TaxTMI 
1988 (1) TMI 293
X X X X Extracts X X X X
X X X X Extracts X X X X
....e No. 93 of 1987, filed by the petitioner against Shri Jawaharlal Daga, managing director of the respondent company, for an alleged offence under section 420 of the Indian Penal Code, which is pending in the Court of Judicial Magistrate, Devas, is decided. The petitioner has filed the present winding-up petition on the ground that the respondent company is insolvent and unable to pay its debts. According to the petitioner, on the basis of a contract entered into between the petitioner and the respondent company, the petitioners who are manufacturers of yarn sold the same to the respondent company to enable them to manufacture shirtings and suitings against hundis and under the said contract, the petitioners have to recover a sum of Rs. 6,1....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ame hundis, a criminal compliant has been filed against Shri Jawaharlal Daga, who is the managing director of the respondent-company, in the interest of justice, further proceedings in this petition deserve to be stayed. On the other hand, learned counsel for the petitioner, who by their replies filed to these applications have opposed the said prayer, submitted that no criminal case has been filed aginst the respondent-company, that the criminal complaint has been filed against one of the directors of the company, Shri Jawaharlal Daga, in his individual capacity and thus the criminal proceedings filed against Shri Jawaharlal Daga are separate and independent as the parties to the two matters are different, that the cause of action of the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Companies Act as such directly, but relate to the civil disputes out of which the criminal cases were also filed. Learned counsel for the petitioner, therefore, submitted that in fact there are provisions under the Companies Act itself relating to offences antecedent to or in the course of winding-up commencing from section 538 onwards for punishing an officer of the company in case any offence under the Companies Act has been committed by him. Thus, after hearing learned counsel and after going through the case law as also the allegations and counter-allegations made by the respective parties, I am of the opinion that the applications filed by the respondent-company deserve to be dismissed. The winding-up petition is filed against the ....