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IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 16TH DAY OF JANUARY, 2020 BEFORE
THE HON’BLE MR. JUSTICE S. SUNIL DUTT YADAV
COMPANY APPLICATION NO.201/2010 C/W COMPANY APPLICATION NO.36/2019 IN COMPANY APPLICATION NO.2/1996
C.A. NO.201/2010
BETWEEN:
OFFICIAL LIQUIDATOR OF: M/S. BPR POWERTRONICS (P) LTD., (IN LIQN.) ATTACHED TO HIGH COURT OF KARNATAKA ‘CORPORATE BHAVAN’, NO.26-27, RAHEJA TOWERS, 12TH FLOOR, M.G.ROAD, BANGALORE – 1.
… APPLICANT
(BY SRI K.S. MAHADEVAN, ADVOCATE)
AND:
SRI M.K. BHASKAR,
NO.63, A-1, GROUND FLOOR, SRINIVASA KRIPA APARTMENTS, SAI BABA TEMPLE ROAD, TYAGARAJA NAGAR, BANGALORE – 560 028.
SRI S. RAVINDRA,
NO.312, UPSTAIRS, 9TH MAIN, HANUMANTHANAGAR, BANGALORE.
SMT. VIJAYA,
W/O S. RAVINDRA,
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NO.312, UPSTAIRS, 9TH MAIN, HANUMANTHANAGAR, BANGALORE.
… RESPONDENTS
(BY SRI K. SRIDHAR, ADVOCATE FOR R1; NOTICE TO R2 AND R3 ARE HELD SUFFICIENT V/O DATED 25.05.2012)
THIS COMPANY APPLICATION IS FILED UNDER SECTION 543(1) OF THE COMPANIES ACT, 1956, R/W RULE 260 OF COMPANIES (COURT) RULES, 1959, PRAYING TO SUMMON THE RESPONDENTS HEREIN FOR THE PURPOSE OF EXAMINATION WITH REGARD TO THE MATTER SPECIFIED IN THE APPLICATION AND ETC.
C.A. No.36/2019
BETWEEN:
THE OFFICIAL LIQUIDATOR OF M/S. BPR POWERTRONICS (P) LTD., (IN LIQN.) HIGH COURT OF KARNATAKA ‘CORPORATE BHAVAN’, NO.26-27, 12TH FLOOR, RAHEJA TOWERS, M.G.ROAD, BANGALORE – 1.
… APPLICANT
(BY SRI K.S. MAHADEVAN, ADVOCATE)
AND:
NIL
… RESPONDENT
THIS COMPANY APPLICATION IS FILED UNDER SECTION 481 OF THE COMPANIES ACT, 1956, R/W RULE 9 OF THE COMPANIES (COURT) RULES, 1959, PRAYING TO ALLOW TO WAIVE THE SAID MISFEASANCE APPLICATION IN C.A. No.201/2010 PENDING ON THE FILE OF THIS HON’BLE COURT AND PERMIT THE OFFICIAL LIQUIDATOR DROP THE ANY FURTHER PROCEEDINGS IN THE INSTANT CASE AND ETC.
THESE COMPANY APPLICATIONS COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:
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ORDER C.A. No. 201/2010 The Official Liquidator has filed an application under Section 543(1) of the Companies Act, 1956 (for short ‘the Act’) read with Rule 260 of the Companies (Court) Rules, 1959 (for short ‘The Rules’) seeking for a direction that the respondents having abused their fiduciary positions are required to make good the loss suffered by the Company.
A memo has been filed by the Official Liquidator stating that the Company in liquidation does not have any assets to be realised and no useful purpose would be served by continuing with the present proceedings. It is further submitted that it would be a fit case for winding up of the company.
In light of the memo filed, C.A. No. 201/2010 is dismissed.
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C.A. No. 36/2019 4. Application - C.A.36/2019 is filed under Section 481 of the Act seeking for an appropriate order for dissolution of M/s. B.P.R.Powertronics (P) Limited under Section 481(1) of the Act.
The Official Liquidator had taken possession of the assets of the Company pursuant to the order of winding up passed in C.O.P.No.2/1996. It is submitted that assets which were recovered from the Company are stated to have no value. Insofar as the application filed to take action against the Directors for misfeasance is concerned, it is noticed that the said application has been disposed off as per the order passed in C.A. No.201/2020. The Official Liquidator further states that the company does not possess any assets and the company has stopped its business since 31.03.1992 onwards. It is further stated that no returns have been submitted after 31.03.1993. It is stated that the company is not carrying on business from 1994. Accordingly, the Official Liquidator is of the opinion
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that no useful purpose would be served by continuing with the present proceedings.
It is reiterated that the company has no funds to incur even usual liquidation expenses like audit fees, income tax, etc. It is also stated that there are no sources or assets from which any dues can be realized. Statement of Accounts show that the Company has “Nil” balance as on 18.03.2019. The yearly accounts filed as per Rule 200 of the Rules has been enclosed along with the application. Accordingly, taking note of the requirements under Section 481 of the Act, it would be just and reasonable in light of the stand taken by the Official Liquidator to direct dissolution of M/s. B.P.R.Powertronics (P) Limited.
All the requirements under section 481 of the Act leading to dissolution stand satisfied. It is also noted that there are no assets and proceedings that are pending for realization as on 31.01.2019. Accordingly, M/s. B.P.R.
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Powertronics (P) Limited is ordered to be dissolved from this date.
A copy of the order shall be forwarded by the liquidator to the Registrar, who shall make a minute of the dissolution of the company in the books.
C.A. No. 36/2019 is accordingly disposed off.
Sd/- JUDGE