IN RE, KRISHNAYAPALEM LIFT IRRIGATION CO. LTD. Vs. KRISHNAYAPALEM LIFE IRRIGATION CO. LTD.
LAWS(APH)-1963-3-35
HIGH COURT OF ANDHRA PRADESH
Decided on March 18,1963

In Re, Krishnayapalem Lift Irrigation Co. Ltd. Appellant
VERSUS
Krishnayapalem Life Irrigation Co. Ltd. Respondents

JUDGEMENT

- (1.) This is a petition, under section 439 of the Companies Act, 1956, for an order that the Krishnayapalem Lift Irrigation Company Limited (hereinafter referred to as "the company") be wound up.
(2.) The ground on which the relief was claimed was that the affairs of the company were being grossly mismanaged. As illustrative of this charge, it is alleged that the directors of the company have not been maintaining proper accounts, that they have not issued share certificates to the members of the company, that they have dug new channels contrary to the main purpose of the company, and that they have been supplying water to non-members.
(3.) For a proper appreciation of the contentions raised in this petition, it is necessary to set out certain salient facts. The company was incorporated with an authorised capital of Rs. 2,00,000, out of which shares of the value of Rs. 1,00,000 were issued and subscribed. These shares were of the value of Rs. 100 each. All the share capital was fully paid up by about 148 shareholders.;


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