N.L.TIBREWAL, J. - (1.) THE official liquidator of M/s. Auto Electricals (India) Pvt. Ltd. (in liquidation) has filed this application under Sections 542 and 543(1) of the Companies Act, 1956.
(2.) COMPANY Petition No. 11 of 1985 for winding up of the company, M/s. Auto Electricals (India) Pvt. Ltd., was filed by the non -petitioner, Shri P. R. Mehta, the managing director of the company, and a winding up order was passed by this court on July 2, 1988. Prior to it, the official liquidator was appointed provisional liquidator of the company, vide order dated September 18, 1987. It appears that the ex -directors of the company (in liquidation) did not file the statement of affairs within time as required under Section 454 of the Companies Act. The present petition has been filed by the official liquidator on the basis of the report dated September 10, 1992, prepared by Shri N. C. Jain, chartered accountant, Jaipur, on the basis of books of account and other records of the company. Learned counsel, appearing for the official liquidator, restricted his contention to the averments made in paras. 12 and 13 of the application. In para. 12 of the application, it has been stated that as per the last balance -sheet dated March 31, 1981, filed with the Registrar of Companies, there was a cash balance of Rs. 5,962.37 and furniture worth Rs. 5,202 with the company in liquidation and this amount and the furniture were not handed over to the official liquidator, as such, the ex -directors are guilty of committing breach of trust for the same. In para, 13, it is stated that as per the last balance -sheet as on March 31, 1981, the total value of the assets of the company (in liquidation) was of Rs. 1,35,066.95, but on sale by the official liquidator, they fetched Rs. 6,100 only. It was due to the fact that the ex -directors did not care to maintain the assets of the company properly and by their action they caused loss to the tune of Rs. 1,28,966.95.
(3.) THE non -petitioners have denied to be guilty, of misfeasance or breach of trust in relation to cash or other assets of the company during thecourse of winding up. Non -petitioners Nos. 1 and 2 further contended that Shri R. P. Mehta was managing director till the year 1982 and as such, it was his responsibility about the cash and assets of the company. On behalf of the non -petitioner, Shri P. R. Mehta, it was stated that he had resigned as director of the company on October 20, 1982.;