TaxTMI 
TaxTMI 
2018 (11) TMI 196
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....s activity. 3. The petitioner is a director of the Company. The petitioner along with three other persons, namely, Mr. Girish Bansal, Mr. Ashok Aggarwal and Mr. Anoop Aggarwal had purchased all shares of the Company. The old promoters have resigned from the Company. 4. Prior to the purchase of the shares of the Company, the respondent Company had purchased land measuring 13 Kanal 2 Marlas situated at Village Mewla Maharajpur, Tehsil & District, Faridabad in the State of Haryana from M/s Escorts Limited on 07.09.2005. 5. The grievance of the petitioner is that the Company, since its inception, has not carried out any business in accordance with the objects as stated in the Memorandum of Association. It is further stated that the onl....
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....Case 611 (Calcutta); Kaithal Cotton & General Mills Co. Ltd., [1961] 31 Comp.Cas.461(Punjab); and Registrar of Companies vs. Shreepalpur Cold Storage (P.) Ltd.(1974) 44 Comp. Cas.479(Pat.) to support his plea. 9. Learned counsel for the respondent states that an attempt was made to change the user of the land of the Company. He further submits that an appropriate application for changing the user of land was filed but was not allowed by the concerned Faridabad Municipal Corporation. Litigation was initiated by the respondent company before the Punjab & Haryana High Court and thereafter in the Supreme Court of India. However, the respondent company was not successful. He, however, submits that the company is a profitable company which has....
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.... software and peripheral thereof, professional iron dryers, hot plates, ovens, boilers, grillers, cooking ranges, heaters, coolers, stoves, dish geysers, toasters, juicers, mixers, grinders, flour makers, heating appliances, cooling appliances, fans, bulbs, tubes, lighting instruments, washing machines, electric and auto bulbs, plastic and thermostats, radios, televisions, tuners, VCR & VCP, computers, computer accessories, speakers, multimedia keyboards, monitors, CD Roms, floppy drives, RAM, hard disks, printers, cellular phone, pager, fax, phone, cordless phone, stereo systems, heat convertors, refrigerators, air conditioners, CVT, UPS & decorative lights of all kinds and all kinds of electronic components. (2) To carry on the busines....
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....panies carrying on or engaged in the main business or transaction of his company. ...." 12. A perusal of the object shows that one of the incidental objects is to purchase immoveable properties. Hence, it may not be entirely appropriate for the petitioner to argue that the objects of the respondent company have completely not being fulfilled. Even otherwise, earlier an attempt was made by the company to start a business by applying for Change of Land User of the land which is the asset of the company. The said endeavour did not succeed. With the urban areas expanding, it is quite possible that in course of time, the company may get necessary Change of Land User which would unlock a very valuable asset of the company for a profitable v....
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....a petition under section 433(c) of the Companies Act, as follows: "16. In order to consider whether a company should be wound up under Section 433(c) on account of non-commencement of public suspension of business, it would be necessary to investigate whether there is a good reason for the same and whether there is reasonable chance for the company to be revived. The Patna High Court in the case of Registrar of companies v. Bihar Wire and Wire Products (P.) Ltd.: (1975) 45 Com Cases 194 (Pat) has listed out the various principles that must be considered while determining whether a company should be wound up under Section 433(c) of the Act:- (1) That the mere fact that business has not been commenced within a year or that business has ....
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....h business has been undertaken by the company during the material time nor any steps had been taken to start such business. It is also a fact to be taken into account that the railways on all major routes for a long time had been taken over and run by the Central Government. For railways in small gauges there may be some railways still run by private sector but there is no possibility in the absence of any material to indicate that it is still possible to carry on the railway business elsewhere. In this situation it appears that there is no escape from the position that while the subject-matter of the company as disclosed in its name is gone, the object for which the company was incorporated had substantially failed and it is no longer poss....