1988 (11) TMI 299

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.... Majithia, J.-This is an application under section 456 read with section 468 of the Companies Act, 1956 (for short "the Act"), for a direction to the District Magistrate, Ropar, to use force for restoration of possession of the property mentioned in paragraph 2 of the application to the official liquidator. The facts briefly stated are that the petitioner-company was ordered to be wound up by o....

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....a was the managing director of M/s Bala Financiers P. Ltd. and also of the respondent company till April 11, 1980. In his capacity as managing director of the respondent-company, he adopted a clever device to enrich himself at the cost of the company. Under his direction, fictitious expenses were shown in the account books of the company which were paid by drawing funds either from the petitioner-....

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.... his primary duty which is collection of the assets of the company. Where a company is prima facie entitled to any property, the court can, in its discretion, make an order under this section for restoring possession to the official liquidator. In the present case, the liquidator has specifically stated that he had taken possession of the land and building which was purchased by the petitioner com....