TaxTMI 
TaxTMI 
TaxTMI 
2014 (1) TMI 1959
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....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 registered office of the company was at No.600/677/02, Bilekah....
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....x-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 in relation to the above amount, which they are liable to make good with interest at 18% per annum from 30.6.1994 till the date of pa....
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....d 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 accident occurred in May 1995 and most of the assets of the company were lost in the fire and had incurred a loss of more than Rs. 5 Crore and the c....
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.... 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 in the various bank accounts , it is stated that they have been carried on to the subsequent assessment years and the last statement of accounts when th....
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....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 reference to any subsequent statement of account and Balance Sheet, even inspite of the respondents having highlighted the same, would render the application vague an....