Sanjib Banerjee, J. - (1.) The company has sought an order directing it to be wound up on the strength of a special resolution passed at a general meeting of the company on June 24, 2005. By such resolution the company had resolved that steps be taken for it to be wound up.
(2.) The Rehabilitation Industries Corporation Limited (the company) was incorporated in 1959 and promoted by the Central Government, inter alia, to establish industries and enterprises to provide employment to displaced persons from erstwhile East Pakistan and West Pakistan and repatriates from the then Burma and the then Ceylon.
(3.) In Course of time funds have been poured into the company by the Central Government in furtherance of the cause for which the company was set up. There was little or no return but that was a social cost that the Central Government incurred through the instrumentality of the company. In course of time the company has outlived its purpose and does not carry on any business. The paltry amounts of income in recent times have been on account of lease rents. The once substantial staff strength has been brought down by the company offering a Voluntary Separation Scheme (VSS) completely supported by the Central Government.;