company winding up

Querist : Anonymous (Querist) 25 November 2010 This query is : Resolved
We a large number of people deposited huge amount of money in a company.It is a propriter company.Now properiter arrested and on bail. Case is in economic offence Court. We want to move before Court to consification of property of the Company. Whether the depositors have right to send legal notice to the propritor for winding up the company and return the deposit amount. Thank you

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Devajyoti Barman (Expert) 25 November 2010
Wiindng up petition is filed only in the High Court for whch you have to first demand the money from the Company which is due to you.

Advocate. Arunagiri (Expert) 25 November 2010
As it is a proprietary company, you need not go the the HC. The criminal court is having all such powers to freeze the properties of the owner. Approach the magistrate court. No need for sending a legal notice. The properties can be sold with the order of the court for the purpose of returning to the depositors.

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