Subh Laxmi Savings and Finance Private Limited

Alok Sharma, J.—This company application seeking dissolution of the company in liquidation has been filed under Section 481 of the Companies Act, 1956 (hereinafter ''the 1956 Act'') read with Rule 9 of the Company (Court) Rules, 1959 (hereinafter ''the 1959 Rules'').

M/s. Subh Laxmi Savings & Finance Private Limited (now in Liquidation) with its registered office at 1230, Gopal ji ka Rasta, Jaipur was ordered to be wound-up by the Company Court on 5-5-1989 in SB Company Petition No. 4/1985. The official liquidator attached to this Court was appointed as the liquidator of the Company from the date of winding-up.

As per the statement recorded under Rule 130 of the 1959 Rules Mr. Brij Mohan Gogna, the Ex-director of the Company in liquidation, stated that the Reserve Bank of India had imposed restriction on Chit-fund companies in the year 1980 and 1981. Consequently the business of the company in liquidation was suspended and then closed. Mr. Brij Mohan Gogna has also filed an affidavit and submitted that on the company''s dissolution no loss would be caused to general public or the Government. A copy of the affidavit dated 24-12-2001 has been annexed with the application. However none of the Ex-directors of the Company in liquidation filed statement of affairs of the company in liquidation to the Official liquidator in terms of Section 454 of the 1956 Act and prosecution under Section 454(5) of the 1956 Act was instituted against the Directors of the Company in Liquidation for non filing the statement of affairs vide SB Company Criminal Complaint No. 8/1996. The Official Liquidator has also filed an application No. 42/1994 for misfeasance committed by the Directors under Section 543 of the 1956 Act on the basis of balance sheet procured from the office of the Registrar of Companies. Both these applications were heard on 15-9-2006 by this court but were rejected. As per records there are presently no misfeasance proceedings pending against Ex-Directors of company in liquidation under Sections 542/ 543 of the 1956 Act.

Counsel submits that company in liquidation neither has any fund nor any assets for realisation. As such no possibility of any realisation on that count obtains. Therefore this application is moved for dissolution of the company as the winding up order of the company in liquidation is pending since 1989 without any fruitful result.

Counsel further submits that as the affairs of the company have been completely wound up and with no fund available, keeping the matter pending any further is of no avail. And it may be appropriate, just and reasonable as provided under Section 481 of the 1956 Act to grant permission for dissolution of the company in liquidation.

Heard Ms. Sonal Singh, counsel for Official Liquidator. Noted contents of the application and the material placed on record. In the circumstances obtaining, this Court considers it appropriate to order for dissolution of the Company in Liquidation as provided under Section 481 of the 1956 Act. Accordingly, the Company in Liquidation stands dissolved under Section 481 of the 1956 Act.

Consequently, the company application disposed of accordingly.