Punjab-Haryana High Court
M/S Dcm Financial Services Ltd vs M/S Lac Medical Devices Ltd on 10 February, 2022
Author: Arun Monga
Bench: Arun Monga
IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
CA-75-2021 IN
CP-42-1999
Date of decision: February 10, 2022
In the matter of M/s La-Medical Devices Limited (in liquidation)
CORAM: HON'BLE MR. JUSTICE ARUN MONGA
Present:- Dr. Neha Awasthi Ban, Advocate for the Official Liquidator.
ARUN MONGA, J (ORAL)
Learned counsel appearing on behalf of the Official Liquidator submits that dissolution notice was published in the newspapers namely, "Amar Ujala" and "Hindustan Times". The same were also uploaded on the websites of this Court and Ministry of Corporate Affairs. She submits that the office of Official Liquidator did not receive any objection from creditors/ workmen/ general public and contributories. She submits that there are no further assets to be realized and no cases are pending against the Company. As on 30.09.2020, an amount of Rs.14,76,152/- approximately is available in the account of the Company (under liquidation).
In the premise, I am of the view that the company, namely M/s La- Medical Devices Limited (under liquidation) ought to be dissolved under Section 481 of the Companies Act, 1956 read with Rules 9, 281, 282 and 283 of the Companies (Court) Rules, 1959.
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 the Registrar who shall make in his books a minute of the dissolution of the company.
1 of 2 ::: Downloaded on - 24-04-2022 22:21:17 ::: (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." Having heard the learned counsel, the Official Liquidator is permitted to transfer an amount of Rs.10,50,000/- from the available funds of the Company (under Liquidation), kept for settlement of the dues of security agency towards watch and ward expenses, in terms of order dated 09.05.2017 passed in CA No.20 of 2017. However, the same is subject to the final decision to be taken in CA No.404 of 2013 in the matter of "Common Pool Fund a/c maintained by the office of the Official Liquidator".
Official Liquidator shall transfer the balance funds into the 'Public Fund Account of India' in the Reserve Bank of India in terms of Rule 283 of the Companies (Court) Rule 1959.
No further formal steps are required to be taken for dissolution of the company. It is hereby directed that the Company, i.e. M/s La-Medical Devices Limited (in liquidation) is deemed to have been dissolved w.e.f. today, i.e. 10.02.2022. Steps be taken to get the Company delisted from the register in the record of the Registrar of Companies. After deducting the expenses towards publication of dissolution notice and other miscellaneous expenses, the balance out of the available sumin the account of the Company be transferred into the Public Account of India in the Reserve Bank of India in terms of Rule 283 of the Companies (Court) Rules, 1959. 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 10, 2022
mahavir
Whether speaking/reasoned: Yes/No
Whether reportable: Yes/No
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