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2012 DIGILAW 61 (KAR)

Mainstay Teleservices (P. ) Ltd. v. Iwire Network Designs (P. ) Ltd.

2012-01-17

B.V.PINTO

body2012
ORDER B.V. Pinto , J.—This petition is filed under Section 433(e) and (f), 434 and 439 of the Companies Act, 1956 seeking to wind up the respondent-company by name M/s. iWire Network Designs Private Limited, having its registered office at No. 1068, 7TH A Main, 3rd Block, Korammangala, Banglore - 560034. 2. The petitioner is a Company engaged in carrying on the business in eCRM services and running of Call Centre based on Voice, Web, E-mail and other modes of online interaction for clients abroad and provide consultancy in the field of IT enabled services among other things. 3. It is averred in the petition that the respondent-company is having its authorised share capital Rs. 1,00,000/- divided into 10,000 equity shares of Rs.10/- each and the issued, subscribed and paid up share capital of the respondent-company is Rs. 1,00,000/- divided into 10,000 equity shares of Rs. 10/- each. 4. The main object of the respondent-company are, to carry on business related to obtaining Franchise, software licences from reputed software companies and such other objects which are set out in its Memorandum of Association. 5. The respondent had represented to the petitioner that they are the software Franchise for Microsoft and assured the petitioner that they would secure the requisite software licences from Microsoft for the petitioner. Therefore the petitioner entered into business transactions with the respondent-company and the respondent was due to the petitioner a sum of Rs. 7,97,291/- as on 05.02.2008, out of which a sum of Rs. 6,77,703/- is still outstanding. It is stated in the petition that an email dated 21.04.2009 was sent by the respondent agreeing to pay the amount and further on 17.06.2009 they sought for further time and by an email dated 23.10.2009, they assured the repayment shortly. However, the amount has not been paid by the respondent-company to the petitioner. It is further submitted in the petition that on 03.04.2010, a notice was issued to the respondent calling upon them to pay the amount due to the petitioner. However, in spite of the lapse of statutory time, the respondent-company has not paid the amount to the petitioner. It is further submitted that a sum of Rs. 6,77,703/- is due to the petitioner by the respondent-company and the same is not been cleared. Hence, the petitioner prays for winding up of the respondent-company. 6. However, in spite of the lapse of statutory time, the respondent-company has not paid the amount to the petitioner. It is further submitted that a sum of Rs. 6,77,703/- is due to the petitioner by the respondent-company and the same is not been cleared. Hence, the petitioner prays for winding up of the respondent-company. 6. After admission of the petition, the proceedings have been advertised in the daily newspaper. The Hindu dated 31.08.2010. However, no other persons have come to contest the matter and hence, the matter is posted for hearing. 7. Heard Sri Christophere, learned Counsel for the petitioner. Though the respondent is served, they choose not to appear before this Court nor to contest the matter. 8. Perused the entire materials on record including the documents filed along with the petition. I am satisfied that the petitioner has entered into transactions with the respondent-company and the respondent-company has been unable to pay its dues to the petitioner and therefore the respondent-company has made itself liable to be wound up. 9. In the circumstances. I pass the following:- ORDER 1. Petition is hereby allowed. 2. Respondent-company is ordered to be wound up Official Liquidator attached to this Court is appointed to take over the assets and liabilities of the respondent-company. 3. Petitioner is directed to deposit a sum of Rs. 25,000/- with Official Liquidator to meet the initial expenses of winding up proceedings. 4. Petitioner is directed to serve a copy of this order on the Registrar of Companies within 30 days. 5. Petitioner is further directed to take out advertisement of this order in English daily "The Hindu", newspaper and Kannada daily "Vijaya Karnataka" newspaper within 15 days from the date of receipt of copy of the order.