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Judgment
S.A.Dharmadhikari, J
This petition has been filed seeking winding-up of respondent no.1-Company namely M/S Tirupati Wire Industries Pvt. Ltd.
This Court, vide order dated 27/6/2003 had ordered that the Company be wound up and notices of winding-up be issued to the Official Liquidator and Registrar of Companies.
The Official Liquidator has filed OLR No. 3/2020 seeking permission for appointment of an Auditor for conducting final audit of accounts of the Company (in liquidation).
It is pointed out by the Official Liquidator in OLR No.1/2020 that in spite of paper publication in Dainik Bhaskar- All M.P.Edition and Times of India - Delhi Edition, inviting objections, no claim was received by them. The Principal Registrar has also submitted his report dated 7/12/2019 to the effect that his Office has not received any claim from any creditor or through other legal representatives. Therefore, the Official Liquidator was granted leave to file separate report seeking direction for audit of final accounts of the Company (in liquidation), as provided under Rule 302 of the Company (Court) Rules, 1959 and to proceed further for dissolution of Company (in liquidation). The Official Liquidator also sought permission to release the payment of Audit fees to Auditor and Publication charges to Publication Agency, after receipt of aforesaid amount from the ex-directors of the Company (in liquidation). M/s V.Bagla & Company, Chartered Accountants were to be appointed as Auditors for audit of final accounts of the Company (in liquidation), for which professional fee of Rs.15,000/- (apart from applicable GST) was quoted. Since the ex-directors of the Company were unable to deposit a sum of Rs.15,000/- towards Auditor fees, the Official Liquidator has prayed for dissolution of the Company (in liquidation) as provided for under section 481 of the Companies Act, 1956 (for short "the Act").
The Official Liquidator has stated that the Company has no assets and liabilities. There is no information on record regarding any pending litigation either by or against respondent no.1/Company. It is not feasible to proceed further for winding-up of Company for want of funds and assets. Therefore, it would be appropriate to issue an order of dissolution of the Company under section 481 of the Act.
The Apex Court in the case of Meghal Homes P. Ltd. Vs. Shree Niwas Girni K.K.Samiti ((2007)3 SCC 753), has held as under:-
"... when the affairs of the company had been completely wound up or the court finds that the official liquidator cannot proceed with the winding up of the company for want of funds or for any other reason, the court can make an order dissolving the company from the date of that order. This puts an end to the winding up process".
Keeping in view the averments in the OLRs and the above ruling of the Apex Court, I am of the considered view that there is force in the contention of the parties. It is a fit case for passing an order for dissolution of the Company (in liquidation) under section 481 of the Act.
Consequently, the Company (in liquidation) shall stand dissolved and the Official Liquidator attached to this Court is discharged.
Copy of this order shall be communicated to the Registrar of Companies within thirty days by the Official Liquidator.
The petition, accordingly, stands disposed of.