2003 (2) TMI 341

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e instant company petition has been filed for winding up the respondent-Company i.e. M/s. Barua and Barua Drugs Private Limited. The petitioners, who are the promoters of the respondent-Company, have prayed for winding up, inter alia, on the ground that though the respondent-Company was incorporated in the year 1992, no shares were subscribed and no statutory meeting of the Company was held. The s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... filed an affidavit wherein it has been contended that the respondent No. 2 did not, at any point of time, hold the office of the Managing Director of the respondent-company. According to the respondent No. 2, the petitioners themselves being the promoters, are responsible for the failure of the respondent-Company to commence its business and no blame in this regard can be attributed to the respon....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ar 1992 did not undertake any business at all. In fact, the shares of the promoters itself were not paid for and no contributions were made to the share capital account of the respondent-company. Not a single meeting of the Board of Directors took place and no statutory returns were filed with the jurisdictional Registrar of Companies. In view of the above position, hardly any useful purpose will ....