- (1.) Instant Co. application has been filed by Official Liquidator of M/s India Electronics Ltd (In liquidation (the Company) for taking cognizance of offence under Section 454(5) & (5A) of Companies Act, 1956 ("Co. Act") against respondents-1 to 4 and so also seeking further directions against respondents to file statement of affairs under Section 454(2) of Co. Act.
(2.) Notices were issued of present application. Pendente proceedings, respondent-1 (Ravi Kumar Jain), Managing Director of the Company expired and as regards respondents-3 & 4, despite notices issued from time to time and when bailable warrants could not have been executed, finally application was filed seeking permission to delete name of respondents-3 & 4 from array of party respondents which was allowed vide order dt. 29/07/2010. After respondent-1 having expired and respondents-3 & 4 having been deleted from array of respondents, respondent-2 has remained sole contesting party. Respondent-2 in his counter filed objection to the instant application that he ceased to be Director of Company in liquidation w.e.f. 27/01/1989 -intimation whereof in Form-32 under the Co. Act was sent to the Registrar of Companies on 11/02/1989 and since winding up order was passed on 25/08/1989, on the relevant date, he being not the Director of the Co., proceedings of committing alleged defaults in furnishing statement of affairs within statutory period could not have been initiated against him.
(3.) Pendente proceedings, status report has been produced by Official Liquidator on 22/02/2000 in which it has been averred that possession of the Unit along with the records were taken by Rajasthan Finance Corporation ("RFC") in Year-1987 according to provisions under Section 29 of State Financial Corporation Act, 1951 and thereafter possession was handed over to the RIICO and the land & building and plant & machinery were jointly sold by RFC & RIICO to M/s IG Telcom Ltd and M/s Ganpati Resitors (P) Ltd respectively in the year 1989. Similarly the State Bank of Bikaner & Jaipur had sold some spare parts being in possession of the Bank belonging to Co. in liquidation after seeking orders from the Company Court in the year 1996. However, preliminary report under Section 45 of Co. Act was filed by the Official Liquidator before the Company Court on 15/06/1990 and the OL is not holding any fixed or current assets of Company in liquidation.;