TaxTMI 
TaxTMI 
2014 (1) TMI 1959
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....hwathappa, Advocate for Respondent No.8 Shri. M.V. Sheshachala, Advocate for Respondent No.6 M/s. Srinivasan and Kashinath, Advocate for Respondent No.1 Respondent Nos. 2 and 5 deleted vide order dated 17.8.2007 Respondent No.3 dismissed vide order dated 18.09.2008 Respondent Nos. 9 and 10 deleted ORDER The present application is filed in the following circumstances :- M/s Vintek R.F. Products Limited was ordered to be wound up by this court by its order dated 23.2.2000, in Company Petition Nos.41/1996 and 42/1997 and the Official Liquidator attached to this court was appointed as the Liquidator of the company. The company was said to have been incorporated as a public limited company in the year 1989. The registe....
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....e jointly and severally, in terms of Section 543 of the Act. It is claimed that as per the Balance Sheet ending 30.6.1994, the ex-directors had disclosed the investments to the extent of Rs. 30,80,925/- and had not remitted the receivables with the Official Liquidator or had submitted the details relating to the receivables. Therefore, it is alleged that the respondents had committed an act of mis-feasance and were liable to make good the above amount. It is further claimed that as per the Balance Sheet aforesaid, there were sundry debtors to the extent of Rs. 3,29,42,421/- It is alleged that the respondents had allowed the debts to become time-barred without taking any action for recovery and therefore they had committed misfeasance ....
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.... also filed statement of objections to point out that he had ceased to be a director of the company as early as 6.3.1995, which was recorded under a resolution of the Board of Directors and the Registrar of Companies was duly informed of the same and therefore seeks deletion of his name. 5. Respondent no.9 has also stated that he was a nominal director for a period less than 24 months till 7.1.1995 and therefore was not answerable to the applicant and has produced Form No.32 regarding the said circumstance that he was not a director as on the relevant date. 6. Respondent no.1 has filed statement of objections to contend that he was one of the promoters of the company in liquidation and that the company was doing well till a fire accid....
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....t to be attributed to the respondents, it is stated that insofar as the National Savings Certificate and Indira Vikas Patra are concerned, the same had been paid to the Official Liquidator and the receipt is produced. So also the State Bank of India bonds were delivered to the Official Liquidator. It is further stated that M/s Superline Microwave Private Limited and Vintek Ferrites Limited, had been closed and they were no longer on the registers of the company and some of the sundry debts due to the company were received subsequently and that the Official Liquidator is in control of the account books and would be in a better position to address the financial possession of the company in liquidation. As regards the cash on hand and credit i....
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....ecific contention raised in the statement of objections of the respondent no.1. The affidavit in evidence made by the company-paid-assistant attached to the office of the Official Liquidator merely reiterates that the respondents are liable to pay a sum of Rs. 5.86 crore along with interest to the Official Liquidator. 8. As rightly pointed out by the respondents, particularly respondent no.1, the application is incomplete and inconsistent. Since the basis is on a truncated report of the year 1993-94. it does not establish the acts of misfeasance committed by each of the respondents and as to how the loss had occasioned. It is evident that apart from the partial statement of accounts and balance sheets for the year 1993-94 without referen....