Winding up by court Petition for winding up Management to be asked about non payment of debts before approving presentation of petitions under sub section (5)

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Full Text of the Document

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....approving presentation of petitions under sub‑section (5) It is noticed by the Department that in certain cases sanction is accorded by the Regional Directors under section 439(5)/433(e) to file petitions for compulsory winding up of the companies on the basis that their liabilities exceeded assets by a wide margin as per the last copy of their annual accounts on the record of the Registrar....