C.A. No.161 and C.P. No.23 of 2008 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.A. No.161 and C.P. No.23 of 2008 Date of decision: 14.01.2009 In the matter of the Companies Act, 1956 And In the matter of M/s. Honey Steel Forging Pvt. Ltd., .........Petitioner Patran Road, Samana (Punjab). Present: Mr. S.D. Sharma, Advocate for the petitioner. CORAM:HON'BLE MR. JUSTICE K. KANNAN 1. Whether Reporters of local papers may be allowed to see the judgment ? Yes 2. To be referred to the Reporters or not ? No 3. Whether the judgment should be reported in the Digest ? No -.- K.KANNAN, J. 1. The application for voluntary winding up of the Company on a resolution duly passed was taken up by this Court and directed to be published vide order dated 14.03.2008 of this Court in “Indian Express”, “Dainik Bhaskar-Hindi” as well as in the Official Gazette of the Punjab Government and the publications have been effected and copies of newspapers and the Official Gazette had been placed on record. Despite, the publication no objections have been received. 2. The learned counsel for the petitioner supports the petition seeking for the prayer for winding up and points out to the resolution passed in accordance with Section 189 of Companies Act in its General Body Meeting held on 21.09.2007 unanimously resolving to wind up the company under the provisions of the Act. The Company has no liabilities and the photocopies of the Auditor's reports along with balance sheets as on 31.03.2004, 31.03.2005, 31.03.2006 and 31.03.2007 have been filed and appended as Annexure P-9, P-10, P-11 and P-12 respectively. The verified C.A. No.161 and C.P. No.23 of 2008 -2- statement makes reference to the fact that due to financial problems, the petitioner-company could not carry on the business for the last more than three years. Income tax returns have also been filed and appended along with the petition as Annexure P-13 to P-15. There cannot be any legal impeditment to the voluntary winding up of the company under such circumstances and accordingly, I allow the petition and direct the affairs of the company to be wounded up under the provisions of Section 433(a) of the Companies Act, 1956. Advertisement of the order of winding up shall be published within 14 days from the passing of order in one issue of “Indian Express” and “Dainik Bhaskar-Hindi” as well as in the Official Gazette in State of Punjab in Form 53 as required under Rule 113 of the Companies (Courts) Rules, 1959. (K. KANNAN) JUDGE January 14, 2009 Pankaj*