Alok Sharma, J. - (1.) This company application has been filed under Sec. 454 of the Companies Act, 1956 (hereinafter 'the Act of 1956') in the facts and circumstances following M/s. Lath Steels Private Limited (in liquidation) was wound up in Company Petition No. 4/1999 on 17 -10 -2003. The Official Liquidator attached to this court was appointed as the Official Liquidator to take proceedings under the Act of 1956 till dissolution of the company. Subsequently vide order dated 30 -9 -2005, on an application made the Official Liquidator was allowed by this court to exercise the powers under Sec. 457(1) of the Act of 1956 qua the company in liquidation. This conferment inter alia allowed him to institute any suit/prosecution in the name and on behalf of the company in liquidation. The Official Liquidator moved an application No. 15/2006 for permission of this court to prosecute the respondents under Sec. 454(5) of the Act of 1956, which permission was granted by this court on 26 -7 -2006.
(2.) Sec. 454(1) of the Act of 1956 casts an obligation inter alia on the directors of the company in liquidation to file a statement of affairs of the company in liquidation in prescribed form, verified by an affidavit and containing the prescribed particulars before the Official Liquidator. Under Sec. 454(3) of the Act of 1956 the statement of affairs is to be filed within twenty -one days from the relevant date (inter alia under Sec. 454(8) of the Act of 1956 the date of winding up) or within such extended time not exceeding three months from that date as the Official Liquidator or the court may for special reasons grant. Sub Sec. 5 of the Sec. 454 of the Act of 1956 provides that if any person without reasonable excuse is non compliant with the requirement of timely filing of the statement of affairs of the company in liquidation he shall be punishable with imprisonment for a term of two years or with fine which may extend to one thousand rupees for every day during which the default continues or with both.
(3.) Winding up order having been passed on 17 -10 -2003, the time for submitting statement of affairs by the directors of the company in liquidation expired on 7 -11 -2003. No application for extension of time was filed nor was any application filed for dispensing with the filing of statement of affairs filed under Rule 133 of the Company (Court) Rules, 1959 (hereinafter 'the Rules of 1959). The Official Liquidator has stated that as per the last annual return filed on 30 -9 -1997 by the company before the Registrar of Companies prior to order of winding up, the respondents No. 1 and 2 Mr. Pawan Kumar Lath and Bimal Kumar Lath were the promoter directors of the company in liquidation and continued to be so till the date of winding up order on 17 -10 -2003.;