1991 (10) TMI 207

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... strangers. The interest of the company over its assets continued as before even during winding up and the transfer of land being in violation of sections 531 and 531-A of the Companies Act, 1956, is to be avoided by the official liquidator. In this regard the court has already passed detailed orders on January 3, 1991, March 21, 1991, July 30, 1991, August 7, 1991, and September 12, 1991. As the lands of the company have been the subject-matter of land acquisition proceedings, the records of the district are with the Collector. The court had given directions to make available all the information on the history of the transfer of the lands, beginning from one year prior to the date of the presentation of the winding-up petition. These are t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sets have been accounted for and distributed, the High Court permits the Registrar of Companies to strike off the name of the company from the register. But, until then the winding up proceedings would continue. The very law which permits the official liquidator to ignore and avoid an action by which assets of a company are transferred within one year from the date of the presentation of the company petition, also confers power in him to summon any person for seeking information relating to the affairs of the company in liquidation. And, when the official liquidator summons any person, he does so regardless of his rank and status, whether he is a chairman of a company or an authority. Such a person shall attend the office of the official....