2013 (10) TMI 119

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....is a petition filed by Mr. Ashutosh Sharma under section 433(f) read with Section 439(c) of the Companies Act, 1956, seeking winding up of M/s. Torque Cables Pvt. Ltd. 2. The petitioner and one Mr. Satish Kumar were the promoters of the respondent-company and signatories to the memorandum and articles of association. The company was incorporated on 27.08.2010 for the manufacture of cables. The ....

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....ancial problems for various reasons. Soon the manufacturing operations stopped and the factory became dysfunctional; the factory land had been mortgaged to the bank for loan purposes and interest burden started increasing every day. Losses started mounting. 4. According to the petitioner, he was requesting the other two directors to maintain proper statutory records, to hold board meetings, ann....

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....wo directors also shifted the books and records from the registered office without any intimation to the ROC. The profit and loss account, balance sheet etc. were not given to the petitioner. Generally, the petitioner was kept out of the affairs of the company. 6. It is in the above circumstances that the present petition for winding up has been filed. 7. The learned counsel for the petition....

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....eged in the petition and elaborated before me prima facie show that this is a case to which the provisions of Sections 397-398 may be attracted; I am not expressing any final opinion on the point, but it is only a prima facie view. It is well-settled that winding-up proceedings have to be used as a last resort. In a case such as the present one, there are preventive provisions in the Act safeguard....