K.C.Ganjwal, - (1.) M/s Shamken Cotsyn Limited (hereinafter called "the Company") was incorporated on 18th day of March 1987 under the name of M/s Classic Synthetics Private Limited Company. The name of the Company was subsequently changed to M/s Shamken Cotsyn Limited on 7th February, 1992 under the provisions of Section 23(1) of the Companies Act, 1956.
(2.) The Registered Office of the Company is situated at 94 KM Stone, Delhi-Mathura Road, Khasra No. 316 & 318, Village Kotwan, Disstt. Mathura, (U.P) and the Corporate Office of the Company is situated at Shamken House, B-1/A-20, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi - 110 044. The main objects of the Company for which it was established are : a. To manufacture, process and deal in all types of synthetics, fibre intermediates of all types, grades and formulation and including polyester fibres, nylon, rayon, natural and textile materials of all kinds and for all purposes. b. To gin, press, card, com, scour, mix, cut, twist, shear, cure, weave, process, knit, print, bleach, dye or finish cotton, wool, raw-silk, mohair, nylon, terence flax, jute, hemp, hessian, linen or any other textiles of any description or akind and to carry on the business of manufacturing, buying, selling, exchange, importing, exporting, converting, altering, processing or otherwise handling or dealing in cotton yarn, silk yarn, worsted or shoddy woolen yarn, acrylic fibres, polyvinyl, alcohol fibres, including all synthetic fabric or fibre, staple fibre, yarn spun, rayon and other fibrous or textile material whether an agricultural or animal or natural or chemical or synthetic product or its bye-products or substances or substitutes for all or any of them of yarn or yarns for textiles or other uses. c. To carry on the business as drapers and dealers of furnishing fabrics on all its branches as costumeries, readymade dressers and mantle makers, silkmercer, maker and supplier of clothing, lingeries and trimmings of every kind, furies drapers, haberdashers. Milliners, hosiers glouers. Lace makers, rope makers. Filt and tarpaulin makers and feather dresses. d. To carry on the business of producers, manufacturers, processers, converters, refiners, jobbers, makers, stockist, dealers, importers, exporters, traders, retailers, agents, buyers, sellers and generally to carry out the business of manufacturing and processing of textiles, woven fabrics including suiting and shirting, hosier, blankets, sarees, dhotis, carpets, garments for both male and female, industrial cloth made out of cotton slim man-made fibre, woolen and their blend. e. To get any kind of work done on job basis from other relating to produce of the company or of the goods on behalf of others in course of business. f. To work as agents and brokers of any other concern either in marketing their products or purchasing on behalf of them and to deal in any kind of goods as wholesalers, semi-wholesalers, retailers, traders, exporters, importers, converters and processors in reference to the business referred to in para 'a to d' above.
(3.) M/s Shamken Multifab Limited, which has collected public deposits under Section 58A of the Companies Act, 1956 started defaulting in repayment of the deposits on maturity due to acute shortage of funds for the working capital requirements of the company and high rate of interest on Loans availed by the company from various banks and institutions. Both this resulted in mismatch of funds and therefore the company was not able to meet its liabilities.;