PRINCIPAL COMMISSIONEROF INCOME TAX vs. M/S MCAFEE SOFTWARE

PDF · subscribers
ITA/14/2016HC KarnatakaKAHC01017580201622 March 2017Bench: JAYANT PATEL,N.K.SUDHINDRARAO4 pages
AI SummaryAllowed

What did the High Court hold?

The High Court accepted the Official Liquidator's report and ordered the dissolution of the company. The Official Liquidator was directed to submit a copy of the order to the Registrar of Companies.

What were the facts?

The Official Liquidator filed a report seeking the dissolution of M/s. Zenverge India Technologies Pvt. Ltd., which was undergoing member's voluntary winding up. The company had filed a declaration of solvency and completed all formalities, with no tax arrears outstanding.

What were the issues?

Whether the company, having completed the winding up process and having no outstanding liabilities, should be dissolved.

Which sections of the Income-tax Act were involved?

Section 497, Section 488

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 20TH DAY OF APRIL, 2017

BEFORE

THE HON’BLE MR. JUSTICE RAGHVENDRA S. CHAUHAN

OLR NO.14/2016 BETWEEN:

OFFICIAL LIQUIDATOR ATTACHED TO THE HON’BLE HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, NO.26-27, 12TH FLOOR, M. G. ROAD, BENGALURU-560001.

…PETITIONER

(BY SRI K. S. MAHADEVAN, & SRI V. JAYARAM, ADVS. FOR OFFICIAL LIQUIDATOR)

AND:

NIL

... RESPONDENT

THIS OLR IS FILED UNDER SECTION 497(6) OF THE COMPANIES ACT, 1956, PRAYING THAT M/s. ZENVERGE INDIA TECHNOLOGIES PVT. LTD., (IN MEMBER’S VOLUNTARY WINDING UP) MAY KINDLY BE ORDERED TO BE DISSOLVED FROM THE DATE OF SUBMISSION OF THIS REPORT.

THIS OLR IS COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:

O R D E R

The present OLR, namely OLR No.14/2016 has been filed by the learned Official Liquidator (“the learned OL", for short),

for seeking direction from this Court to dissolve M/s. Zenverge India Technologies Private Limited (in Member’s Voluntary Winding Up).

2.

Briefly the facts of the case are that the said Company was incorporated with the Registrar of Companies, Bengaluru on 15.09.2008, bearing Corporate Identity Number U72200KA2008PTC047777 with the authorized capital of Rs.5,00,000/-, and paid up capital of Rs.1,00,000/-, having registered office at No.91, 2nd Floor, 6th Main, Teachers Colony, Venkatapura, Koramangala, Bangalore- 560 034.

3.

According to the Official liquidator, the Company has filed Form No.149 on 29.06.2015 with the Registrar of Companies i.e., declaration of solvency embodying a statement of assets and liability pursuant to Section 488 of the Companies Act, 1956. Mr. M.N. Giridhara was appointed as Voluntary Liquidator of the Company. The statement of accounts i.e., Form No.156, showing how the winding up has been conducted and the property of the company has been disposed and the return of final winding up pursuant to Section 497 of the Companies Act, 1957, i.e., Form No.157 was

filed with the Registrar of Companies on 26.04.2016, and 21.04.2016, respectively.

4.

According to the learned Official Liquidator, during the course of winding up, the net realisation amount was Rs.94,39,857.60 and out of the realized amount Rs.61,04,200.60 was paid to the creditors, and the balance amount of Rs.33,35,657/- was returned to the contributories. On verification of documents submitted by the Liquidator, it was noticed that the Income Tax Officer, Ward No.7 (1) (4), Bangalore, vide letter dated 27.01.2016, stated that there are no arrears of tax outstanding in the case of company in Member’s Voluntary Winding Up.

5.

The learned Official Liquidator further states that the Liquidator appointed by the Company has completed all the formalities in winding up the affairs of the Company and has filed all necessary statutory return pertaining to member’s voluntary winding up, with the office of Registrar of Companies and the affairs of the company have not been conducted in a manner prejudicial to the interest of the members/creditors or public interest and the company is liable to be dissolved.

Therefore, there is no impediment for this Court to accept the report and order for dissolution of the Company.

7.

Considering the facts narrated above, this Court directs M/s. Zenverge India Technologies Private Limited (in Member’s Voluntary Winding Up) shall stand dissolved forthwith. The learned Official Liquidator is directed to produce a copy of this order with the Registrar of Companies within thirty days from the date of receipt of certified copy of this order.

Sd/-

JUDGE Np/-

Recent GST High Court judgments

Search GST case law →