V.K. Mehrotra, J. - (1.) This application has been made by the official liquidator attached to this Court. It was presented on August 7, 1978 as company application No. 16 of that year. Subsequently, it came to be registered as company petition No. 8 in the year 1980.
(2.) Premier Credit and Motors Private Limited, a company (in liquidation) (which was formerly known as Premier Credit and Instalment Corporation Private Limited) was incorporated under the (Indian) Companies Act, 1956 with its registered office at 2 Madan Mohan Malaviya Marg, Lucknow. A petition for winding-up of the company was presented in this Court on March 29, 1973 and eventually, by an order of July 31, 1973, this Court directed its winding-up. The official liquidator was appointed as liquidator of that company.
(3.) In the company (in liquidation) and its sister units, namely, (1) Premier Motors (P) Limited; (2) Premier Motors (Workshop) (P) Limited; and (3) India Motor Corporation (P) Limited of Lucknow, late Sri P.N. Tandon, his wife Smt. Swaran Lata Tandon, his son Sri Piyush Tandon and Kumari Subra Tandon had substantial financial interest. In the company (in liquidation), out of 6,000, shares issued and fully paid-up to Rs. 100 each, the Tandon family held the following shares JUDGEMENT_47_LAWS(ALL)9_19871.html;