2019 (2) TMI 1498

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.... as the Company) was incorporated under the provisions of Companies Act, 1956 on 23.04.1997 with CIN: U03220KA1997PTC022152. Its Authorized Share Capital is Rs. 2,00,00,000/- (Rupees Two Crores Only) divided into 20,00,000 (Twenty Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) each. The current Issued, Subscribed and Paid-up Capital of the Company is Rs. 1.48,00,000/- (Rupees One Crore Forty Eight Lakhs Only) divided into 14,80,000 (Fourteen Lakhs Eighty Thousands Only) Equity Shares of Rs. 10/- (Rupees Ten Only) each. Its main objects, in brief, are to manufacture, process, produce, purchase, sell or otherwise transfer, lease, import, export, hire, license, use, dispose of, operate, fabricate, construct, distribute, assemble, design, charter, acquire, market, recondition, work upon or otherwise, generally, deal in any or all data communications, products or tele communications, etc. 2) The Company was incorporated vide Joint Venture Agreement executed between RAD Data Communications Limited, Body Corporate based in Israel and MRO-TekRealty Limited, Indian Company and was engaged in Lhe manufacturing of Populated Printed Circuit Board (PPCB's) for access and networ....

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....before authorities, coordination with the Chartered Accountants and other person etc. c. In pursuance of Regulation 34 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, a separate Current Account bearing A/c. No. 37139941200 was opened in the name of "RAD-MRO Manufacturing Private Limited (in liquidation)" with SBI having branch at SME Branch, Rajajinagar, Bengaluru. A request letter for closure of existing current account in the name of the Company and transfer of funds was served to the concerned bank. Accordingly, the funds lying in the current account were transferred to the referred separate account opened for the purpose. d. No claim from any stakeholder had been received in pursuance to public announcement made. However, the Shareholders of the Company had submitted their respective claims. Even though the claim from the Shareholders was not required to be submitted as they are already entitled to the liquidation proceeds being a Shareholder, nevertheless, the claims received from both the Shareholders have been taken on record and admitted in full. e. Refund order of an amount of Rs. 1,84,860/- from the Income Tax Department was recei....

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....hareholder of Liquidating Company was paid in full. m. During the remittance of liquidation proceeds to RAD Data Communication Limited, the foreign shareholder, the Banker had asked for NOC from the Income Tax Department for remittance to the Foreign Shareholder of the Liquidating Company. So an application was filed with the income tax department for obtaining No Objection Certificate (NOC) for remittance the funds to the Shareholder. NOC was received from Income Tax Department. Further, a Chartered Accountant was also engaged for the purpose of submission of requisite declarations with regard to remittance outside India and issuance of certificate in FORM 15CB with regard to the remittance of Foreign Body Corporate and subsequently, the remittance to the Shareholders was concluded and the intimation of the same had been sent to both the Shareholders. n. After completion of liquidation process, the liquidator got the liquidation account audited and prepared the final report and as per regulation 38 of the IBBI (Voluntary Liquidation Process) Regulations, 2017.The final report and the audited accounts of liquidation have also been approved and adopted by the Share....

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....lause (c) within seven days of such resolution. 4) The company shall notify the Registrar of Companies and the Board about the resolution under sub-section (3) to liquidate the company within seven days of such resolution or the subsequent approval by the creditors, as the case may be." 5. As per the above provisions of the Section, a notice dated 22.07.2017 was issued by the Company by proposing to conduct 20th Annual General Meeting of the Company on 31.07.2017 with an Agenda of Voluntary Liquidation, Appointment of Liquidator, etc. A paper notification was also given in English language "Business Line" dated 03.08.2017 and Kannada language "Sanje Vani" to Stakeholders of the Company by intimating them about the voluntary liquidation and called upon to submit proofs of their claims on or before 30.08.2017. Shri Vishal Rai, Interim Resolution Professional was appointed as a Liquidator. 6. The Liquidator addressed a letter to the Income Tax Department dated 09.08.2017 intimating about the proposal of Voluntary Liquidation by the Company and asking them to provide the details of litigations or assessment, if any, pending with the company till 30.08.2017. 7. The Liq....