TaxTMI 
TaxTMI 
2010 (2) TMI 576
X X X X Extracts X X X X
X X X X Extracts X X X X
....nies Act, 1956 (for short "the Act"), is directed against the following order passed by the learned company judge on October 29, 2009, while passing an order for admission and advertisement in Company Petition No. 74 of 2009. "Heard learned counsel for the parties, perused the pleadings, more appropriately the minutes of the meeting annexure E and in view of clause 5 therein, the petition is admitted. The petitioner is permitted to cause advertisement of the petition in one English edition of The Hindu and Prajavani, Kannada daily on or before November 11, 2009, fixing the date of hearing as December 9, 2009." 3. It is aggrieved by this order, the respondent-company is in appeal before us, contending, inter alia, that the learned company ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on and stayed the impugned order for a limited period and directed the matter to be listed on November 11, 2009, for further orders. The order dated November 6, 2009, passed on Misc. Cvl. No. 20136 of 2009 reads as under : "Issue emergent notice regarding admission. All modes of services permitted. Sri Joshua, learned counsel for the appellant permitted to serve on counsel who had appeared for the respondent before the learned company judge. 2. Issue interim order staying the operation of the order dated October 29, 2009, passed by the learned company judge in Company Petition No. 74 of 2009 for a period of one week. 3. Misc. Cvl. No. 20136 of 2009 is disposed of. 4. Learned counsel for the appellant to file a memo of service on counsel....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Joshua, learned counsel for the appellant-company which is sought to be wound up in terms of Company Petition No. 74 of 2009. 8. We find that the impugned order which undoubtedly has very serious and some time could be disastrous repercussions on the company which is sought to be wound up if it is to be indicated that the company petition is admitted for examining the winding up affairs of the company and for such purpose, paper publication is to be taken out to apprise all persons interested in the company, mainly, creditors and shareholders who can look up to the distribution of the assets of the company in the event of the company being ordered to be wound up, is a serious matter even in terms of the settled proposition of law and has ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....st and equitable that the company should be wound up ; (g)if the company has made a default in filing with the Registrar its balance-sheet and profit and loss account or annual return for any five consecutive financial years ; (h)if the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality ; (i)if the Tribunal is of the opinion that the company should be wound up under the circumstances specified in section 424G : Provided, that the Tribunal shall make an order for winding up of a company under clause (h) on application made by the Central Government or a State Government." 11. In fact, a look at the statuto....