ORDER
Sunil Ambwani, J.
1. Heard Sri Subodh Kumar, additional standing counsel for the petitioner. Sri Tarun Malik has filed a counter affidavit and has prayed to appear in person. A Vakalatnama of Sri S.P. Pandey has been filed on behalf of Tarun Malik. Both are not present.
2. This company petition has been filed by Registrar of Companies, U.P. and Uttaranchal at Kanpur under Section 433(f) read with Section 439(6) of the Companies Act, 1956 (‘the Act’) to wind up the respondent-company after issuing statutory notice under Section 433(f) read with Section 439(6) and after getting sanction to file winding up petition under Section 439(6) vide order dated 14-9-2001 given by Regional Manager (NR), Camp Office New Delhi Department of Company Affairs Ministry of Law, Justice and Company Affairs Government of India in exercise of delegated power under the proviso to Sub-section (5) of Section 439.
3. The petitioner has verified that during the investigation made by the
Central Bureau of Investigation (‘CBI’), in the matter of default in making
payment to various investors by Century Consultant Ltd., a report
was submitted by the C.B.I. dated 20-8-2001/23-8-2001 stating that the
agency has registered criminal cases against director of Century Consult
ant Ltd. having cheated several thousands of investors, and financial
institutions through forgery, fraud and by corrupt illegal business. Suits
have been filed by the bank and financial institutions before Debt
Recovery Tribunal. On the recommendation of the C.B.I, for taking action
under Section 26 of the Act. Wherein Directors of Century Consultants/
Cyberspace Scam or their employees are involved, the Central
Government examined the matter and after giving statutory notice,
sanction was given to the Registrar of the Companies to file this winding
up petition.
4. In para 4 of the petition the financial position of the company as on 31-3-2000 is disclosed as follows :
Liabilities
Issued and paid up Equity Capital
1.00
Share Application Money
00.00
Reserve and surplus
0.00
Secured loans
0.00
Current Liabilities and provisions
.11
Total
1.11
Assets
Fixed assets
Nil
Investment
Nil
Current Assets
.82
Preliminary Expn.
.07
Pre-operative Expn.
.22
Total
1.11
5. The company petition was directed to be advertised under rule 24 of the Companies (Court) Rules, 1959 and the official liquidator was appointed provisional liquidator on 24-11-2001. The office reports that the summons sent have returned back with the report that there is no firm on the address. Copies of ‘Hindustan Times’ (English) and ‘Dainik Jagran’ (Hindi) in which notices have been published as well as official gazette dated 9-3-2002 in which the notice has been published have been filed on record.
6. The official liquidator vide his report No. 167 of 2001 has reported that Sri Tarun Malik Ex-Director of the company has handed over the cash balance of Rs. 1268.35 along with audited balance-sheet of the years ending 31-3-1999, 31-3-2000 and 31-3-2001 and trial balance as on 24-11-2001. The Ex-Director of the company promised to send the rent agreement and duly notarized statement of affairs within ten days.
7. A counter affidavit of Sri Tarun Malik son of Sri B.R. Malik resident of 3-D Singar Nagar, Lucknow has been filed stating that he is director of the company and that he has no concern with the Century Consultants Ltd. or its directors. He states that the CBI has not registered any case against the company and has not made adjudication against the company or Directors in their reports. He has no concern with the Directors of the Century Consultants Ltd. and its Directors Joharis and others, In regard to paragraph 15 he has admitted that he could not carry on any business after its incorporation since 27-6-1984 and that he has no objection to the winding up or dissolution of the company.
8. From the aforesaid facts, the investigation made by the CBI and notices given by the Department of Company Affairs through Director (NR), the notices published to which no objection has been filed, and, upon hearing Sri Subodh Kumar for Registrar of Companies U.P. & Uttaranchal, Kanur, the petitioner, I am satisfied that respondent company is liable to be wound up under Section 433(fe), (c) & (f).
9. The company petition is accordingly allowed, and the respondent company is directed to be wound up. The official liquidator who was appointed as provisional liquidator of the respondent company vide order of this Court dated 24-11-2001, is appointed as the Liquidator of the Company under Section 449.