TaxTMI 
TaxTMI 
2013 (7) TMI 1236
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....pleaded as the second respondent. She has filed the reply to the petition on behalf of the Company. 2. The Company was incorporated in 2002 to carry on the multimedia centre where training was to be imparted to students and to carry on the software development. A franchise agreement was entered into by the Company with Maya Academy of Advanced Cinematics for period of five years in this behalf. Initially the petitioner and the second respondent were the only shareholders of the Company whose authorised, issued, subscribed and paid-up share capital was Rs. one lakh only; subsequently, one Taruna Ummati was inducted as a shareholder and she and the petitioner held 30% shares each, whereas respondent No. 2 held the balance 40% shares in the C....
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....m her to the present winding-up petition. Moreover, it is contended, the substratum of the Company is lost and hence it is just and equitable that it is wound up. It is also pointed out that the business of the Company has been suspended for more than a year and therefore clause (c) of section 433 applies; and that the company has not filed its annual return, balance sheets and profit and loss accounts for five consecutive years with the ROC and therefore clause (g) of section 433 applies. 6. On behalf of the respondents, the petition for winding-up is not opposed. No reply to the present petition has been filed by the respondent No.2. This Court, therefore, directed her to file the reply in Court and to pay costs of Rs. 5,000/- for the de....
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.... stated in the present petition that as on date the Company owes an outstanding debt of Rs. 50,00,000 towards ICICI Bank which the Company is unable to pay. There are other proceedings against the petitioner stated to be pending. It is therefore held that clause (f) of section 433 is also attracted. 8. The petition is, therefore, admitted. The Official Liquidator attached to this Court is appointed as the Provisional Liquidator ('PL') of the respondent. The OL is directed to take over all the assets, books of accounts and records of the respondent forthwith. The OL shall also prepare a complete inventory of all the assets of the respondent before sealing the premises in which they are kept. He may also seek the assistance of a valuer to va....