Punjab-Haryana High Court
M/S Ranbaxy Laboratories Ltd vs M/S Haryana Drugs And Pharmaceuticals ... on 22 February, 2022
Author: Arun Monga
Bench: Arun Monga
4 (liquidation)
IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH
OLR-23-2021 IN CP-57-1994
Date of decision: February 22, 2022
In the matter of M/s Haryana Drugs & Pharmaceuticals Limited (in
liquidation)
CORAM: HON'BLE MR. JUSTICE ARUN MONGA
Present:-
Ms. Aakanksha Sawhney, Advocate for the Official Liquidator.
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ARUN MONGA, J (ORAL)
Learned counsel appearing on behalf of the Official Liquidator submits that Dissolution noticewas published in the newspapers namely, "The Tribune (English) (All Editions)"and "Amar Ujala (Hindi) (Haryana Edition)". The same were uploaded on the website of this Court and Ministry of Corporate Affairs. She submits that in response to the dissolution notice, no objection against the dissolution of the instant Company under liquidation has been received by the office of the Official Liquidator from the creditors, contributories, stakeholders and general public.
Learned counsel appearing on behalf of the Official Liquidator submits that in compliance to the order dated 20.12.2021, the Official Liquidator has released the payment of Rs.3,140/- to valuer towards valuation expenses, Rs.15,138/- to the concerned newspaper group towards publication of dissolution notice and also released the payment of Rs.11,33,001/- to Kotak Mahindra Bank (assignee of ICICI Bank) towards 2nd dividend.
On a Court query, learned counsel for the Official Liquidator submits that there are no realizable assets available in the hands of the OL. Also, there is no litigation pending in any Court of Law for or against the Company. Therefore, continuing the liquidation proceedings in the Company and keeping the same pending will not serve any purpose.
1 of 2 ::: Downloaded on - 25-04-2022 00:09:04 ::: In the aforesaid premise, I am of the view that there is no option but to dissolve the Company under liquidation.Accordingly, the company, namely M/s Haryana Drugs &Pharmaceuticals Limited under liquidation ought to be dissolved under Section 481 of the Companies Act, 1956.
Section 481 of the Companies Act, 1956 reads as under:-
"481. Dissolution of company. (1) When the affairs of a company have been completely wound up [or when the Court is of the opinion that the liquidator cannot proceed with the winding up of a company for want of funds and assets or for any other reason whatsoever and it is just and reasonable in the circumstances of the case that an order of dissolution of the company should be made], the Court shall make an order that the company be dissolved from the date of the order, and the company shall be dissolved accordingly.
(2) A copy of the order shall, within [thirty] days from the date thereof, be forwarded by the liquidator to the Registrar who shall make in his books a minute of the dissolution of the company.
(3) If the liquidator makes default in forwarding a copy as aforesaid, he shall be punishable with fine which may extend to fifty rupees for every day during which the default continues."
No further formal steps are thus required to be taken for dissolution of the company. It is hereby directed that the Company, i.e.M/s Haryana Drugs & Pharmaceuticals Limited is deemed to have been dissolved w.e.f. today i.e. 22.02.2022. Steps be taken to get the Company delisted from the register in the record of the Registrar of Companies. It is made clear that dissolution of the company shall not absolve its promoters/directors of their liability to pay the dues of company, if any, provided of course, if they are culpable qua the same.
Disposed of, accordingly.
(ARUN MONGA)
JUDGE
February 22, 2022
mahavir
Whether speaking/reasoned: Yes/No
Whether reportable: Yes/No
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