Dear InvestorsHere I putting some information for you which is very good, it is
my personal point of view.
Company Petition No.234 of 2010 was filed on 25/6/2010 by Prasad Mhate against City Limouzines (india ) Ltd U/S 433, 434, 439 of the Companies Act 1956 before
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
Final Hearing date: 26/11/2010 before Justice S.J Vazifdar
COMPANY PETITION NO. 234 OF 2010.
Justice S.J. KATHAWALLA, on 1ST OCTOBER 2010.
the Petitioner has sought winding up of the Respondent Company City Limouzines (India) Limited (the Company).The Petitioner entered into an Agreement dated 18th January 2006 with the Company under which the Petitioner deposited Rs.1,09,831/ with the Company under the scheme known as Car Finances for Omni (the said Agreement). As per the said Agreement, the Company agreed to pay compensation/benefit to the Petitioner for a sum of Rs. 4,000/per month for sixty months commencing from February 2006 and also issued to the Petitioner 700
preference shares worth Rs. 100/ each aggregating to Rs.70,000/. As per the said Agreement, the Company paid the monthly compensation of of Rs.4000/ to the Petitioner from February 2006 to July 2009.However, since August 2009, the Company failed and neglected to pay to the Petitioner the monthly compensation of Rs.4,000/ aggregating to Rs.24,000/. It is submitted that the Company has duped thousands of investors like the Petitioner and is indebted to the said investors to the tune of several hundred crores of rupees. It is submitted that the Company had moved this Court under sections 391 and 393 of the Companies Act, 1956 to obtain its permission to hold meetings of equity shareholders and preference shareholders and unsecured creditors of the Company. However, the said meeting has not been held till date. The Directors of the said Company were arrested by the economic offences and various economic offences were registered against them. It is submitted that since there was no sign of payment towards the monthly compensation by the Company, the Petitioner by its Advocate's letter dated 22nd February 2010 recorded some of the aforesaid facts and called upon the Company to pay to the Petitioner an amount of Rs.26,880/ together with interest at the rate of 24% per annum within 21 days from the receipt of the notice. so he filed petition under above mentioned sections.
The Official Liquidator, High Court, Bombay is appointed as Provisional Liquidator of the Company who shall forthwith take charge interalia of the properties and records of the Company. That is the order dated 01/10/2010.
FINAL ORDER FOR City Limouzines (I) Ltd Dated 03/12/2010
CP. 234 of 2010
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY PETITION NO.234 OF 2010
Prasad Mhatre ....Petitioner
V/s.
City Limouzines (India) Ltd. ....Respondent
Mr.A.S. Daver i/b Mulani & Co. for the Petitioner.
None for the Respondent.
CORAM : S.J. VAZIFDAR, J.
DATE : 3RD DECEMBER, 2010.
P.C. :-
1. This is a petition for winding up of the company on the ground that the company is unable to pay its debts. By an order dated 1.10.2010, the company petition is admitted and ordered to be advertised.
2. The undertaking to file an affidavit proving publication within two weeks from today is accepted.
3. By the said order dated 1.10.2010, the learned Judge set out the facts of the case in detail. The company was absent when the petition was admitted. The company is absent even today. There is no affidavit in reply. There is nothing that persuades me to take a different view of the
matter today. Mr.Daver states that Rule 28 has been complied with.
4. In the circumstances and for the reasons set out in the order dated 1.10.2010, the company petition is made absolute in terms of prayers (a) and (b). The petitioner shall be entitled to the costs fixed at Rs. 10,000/- to be recovered in the winding up proceedings.
Official Liquidator Address:
Official Liquidator
Attached to High Court of Bombay
Bank of India Buildings,
5th Floor, Mahatma Gandhi Road
Mumbai- 400 023
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