- (1.) THESE are the two sets of Company Appeals. In one set of Company Appeals consisting of Appeal Nos. 1 to 21 of 2003 challenge has been made to the order passed by the Company Judge dated 15 -1 -2003 allowing all the Company Petitions, namely, 21 in number by winding -up the Company M/s. Incan Mutual Fund Benefit Ltd. under Section 433(e) of the Companies Act. The Official liquidator has also been appointed as Liquidator of the Company. He was directed to proceed immediately to exercise power under Section 457 of the Companies Act, allowing him to take into his custody all the movable and immovable properties, including the cash in custody with the District Magistrate, Rai Bareilly under Section 456(1) of the Act. The official liquidator has been directed to submit the statement of accounts and other necessary statements, within three months, and also to chalk out a plan for repayment of the creditors' dues in a just and reasonable manner. Further direction has been issued that Director, Central Bureau of Investigation and the Additional/Joint Directors, Central Bureau of Investigation stationed at Lucknow shall register a case for investigation and submit the report in accordance with law as the Company Judge found it to be a case of cheating and misappropriation of the public funds with evil designs and further large sums collected on behalf of M/s. Incan Mutual Fund Benefit Limited have been siphoned off by the Directors, by way of loans or otherwise.
(2.) THE other set of Company Appeals challenging the order passed by the Company Judge filed by M/s. Incan Fertilizers and Chemicals Limited, arises out of the order dated 30 -7 -2003, by means of which permission was granted to the official liquidator to auction the property of M/s, Incan Fertilizers and Chemicals Ltd., which permission was objected by M/s. Incan Mutual Fund Benefit Ltd. on the ground that the said property belongs to M/s. Incan Fertilizers and Chemicals Limited and is not the property of the Company which has been directed to be wound up but the Company Judge allowed the official liquidator to proceed for public auction of the said property. We have been informed that the auction has already taken place.
(3.) ALL the Company Petitions which have been allowed by one common order dated 15 -1 -2003 have been filed by the investors who had invested their money in the Company known as M/s. Incan Mutual Fund Benefit Ltd. and the Company Petition No. 15 of 2003 has been filed by Incan Employees Welfare Association and others, which has been treated as the leading petition by the Company Judge.;