Through this report, the Official Liquidator has requested for order of dissolution of the Company from the date of submission of the report or such other order as may be considered appropriate.
From the report it emerges that the Company was constituted to carry on business as holding and investment company and for that purpose to do all or any of the acts, matters and things etc. Members of the company adopted a special resolution for voluntary winding up of the Company at which point of time following shareholders were there in the Company :-
Sr.No.
Name of Equity Shareholders No.
of Equity Shares
1. Dr.Anand S. Sarabhai 2921
2. Mr.Suhrid S. Sarabhai 1 Total 2922 The Company had following Directors :-
Sr.No.
Name of Directors Addresses
1. Mr.Suhrid S. Sarabhai The Retreat, Shahibag, Ahmedabad-380 004.
2. Dr.Anand S. Sarabhai The Retreat, Shahibag, Ahmedabad-380 004.
3. Mr.H.
N. Udani 37/6, Sharad Apartment, Deepkunj Society, Paldi, Ahmedabad.
The Directors have filed a declaration of solvency dated 22.12.1997 with the Registrar of Companies. Extraordinary General Meeting of the Company was held on 05.01.1998 adopting the resolution for voluntary winding up of the Company. Notice to this effect for appointment of Voluntary Liquidator was given to the Registrar of Companies. Necessary Notification of the Extraordinary General Meeting was also published in two local newspapers on 08.01.1998 and the same was published in Official Gazette on 15.01.1998. Excess assets of the Company have already been distributed amongst the shareholders in the following manner:-
Assets :--
Estimated Assets Amount to be Realized (Rs) Value Realized (Rs.) Balance at Bank 2261.00 2260.79 Loan and Advances 92363.00 92363.43 Investment other than marketable securities 74665.00 169600.00 Interest 2990.00 Total (Rs.) 169289.00 267214.22 Liabilities :--
Legal charges 7482.00 Cost of notice in gazette and newspaper 1099.00 Incident outlay 7852.20 Creditor 800.00 Balance 1611.02 Total 18844.22 Surplus (Rs.) 248370.00 The surplus assets of the Company have also been distributed amongst the members of the Company.
It is further stated that the Voluntary Liquidator has not received any complaint against the notices for voluntary winding up and the resolution of the company published in the newspapers and the Official Gazette on dated 08.01.1998 and 15.01.1998 respectively.
It is further stated that upon perusal of the Books of Accounts nothing objectionable has been noticed. No public interest elements have been involved. The Income Tax Department vide its letter dated 12.12.2001 has issued a No Objection Certificate to the Company. The Directors of the Company however, have filed affidavits duly notarized on 08.06.2011 declaring that there are no dues to the Government department or other authorities against the Company and no prosecution is pending. They also have agreed to indemnify in case any dues are found in future against the Company. The Registrar of Companies have also issued a letter of no objection against such winding up.
From the facts and details stated in paragraph Nos.8 to 18 of the Official Liquidator's Report dated 24th June 2011 it transpires that, all necessary formalities have been completed and it is found that there is no objection to winding up the Company voluntarily, it is hereby directed that the Company shall stand dissolved from the date of this order. The Voluntary Liquidator shall preserve the books of accounts of the Company for the period of 5 years from today. He shall also ensure that the Official Liquidator is paid cost of Rs.5,000/-. The Official Liquidator's Report is disposed of accordingly. Copy of this order shall be communicated to the Registrar of Companies.
[ K. M. THAKER, J. ] vijay Top