1995 (8) TMI 263

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....ed September 16, 1960, and the official liquidator attached to the High Court became the liquidator of the company and he has taken control and custody of all the assets and realised all of them except an investment of 76,000 equity shares of Rs. 10 each in Thiru Arooran Sugars Ltd. It is also reported by the Regional Director that the official liquidator has settled the claims of the creditors of the company in full and as per the orders of this court in C. A. No. 1038 of 1989 and he has returned the capital to the contributories in full except the shares which are in listed companies and which can be sold easily being no assets of the company and, therefore, there is no necessity for reconstruction or revival of the company. Learned co....

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....their investment in Thiru Arooran Sugar Mills the shareholders could be paid more than the face value of their shareholdings. If the revival had been sought within the stipulated time, a stigma on the company would have been removed by such revival. Therefore, the contention of the Regional Director that it is opposed to public policy is not a tenable one in my opinion. Even though I am of the opinion that the revival of a company in liquidation by an unanimous resolution of the shareholders of the company cannot be considered to be opposed to public policy, the objection taken by the Regional Director, Department of Company Affairs, on the question of limitation, is, in my opinion, well-founded. As per article 100 of the Limitation Act,....