Sunil Ambwani, J. - (1.) HEARD Sri Rajnath Shukla, learned Counsel for the official liquidator and Sri Navin Sinha, senior advocate for the respondents -ex -directors of the company (in liquidation).
(2.) THIS is an application under Sections 542 and 543 of the Companies Act, 1956 (in short "the Act"), by the official liquidator against the ex -directors of M/s. Parasrampuria Trading and Finance Ltd. (in liquidation), namely, Shri Gopal Pandey, Sri Vishnu Kant Misra, Smt. Chandra Kala Parasram Puria and Shri Sudhir Kumar Parasram Puria, arrayed as respondents, accused of committing misfeasance and conducting the business of the company in a manner as it was a private company and to have retained the advances received by them, within five years of the winding up of the company defrauding creditors and causing severe losses to the company. On a creditor's winding up petition in Company Petition No. 58 of 1997 by M/s. GTC Industries Ltd., M/s. Parasrampuria Trading and Finance Ltd. (in liquidation) was wound up on March 25, 1998 G.T.C. Industries Ltd. v. Parasrampuria Trading and Finance (P.) Ltd., [2001] 104 Comp Cas 368 (All). The ex -directors of the company filed the "statement of affairs" under Section 454 of the Act showing huge losses.
(3.) IN the year 1994, the company was subjected to an inspection by the Central Government under Section 209A of the Companies Act, 1956. The Deputy Director (Inspection) in the Regional Directorate, NR, Department of Company Affairs, Ministry of Law, Justice and Company Affairs, vide his letter dated December 19, 2001, requested the official liquidator, annexing therewith copy of the inspection report with the findings against the ex -directors to be guilty of violating Sections 43A, 227, 269/390/198, 211, 292, 295, 299/301 and 372 of the Companies Act, 1956, to take action against them and to file an application for misfeasance and misappropriation of funds against the ex -directors. The official liquidator in pursuance of the letter, has filed the present company petition under Sections 542 and 543 of the Companies Act against the ex -directors of the companies.;