vijay tandon 02 June 2017
Kumar Doab (FIN) 02 June 2017
While posting such queries employee should post basic information!
What is this establishment; Commercial, Industrial?
What is its nature of business say; IT, ITeS?
How many persons are employed in it?
What is your designation and nature of duties?
How many persons report to you?
Do you have any power to sanction leave/increment/appoint/terminate/appraise etc etc ?
You are in which state?
Since how many months you are working?
Do standing orders (model/certified) apply to establishment and your designation?
What is notice period as per appointment letter/offer letter and what was notice period tendered by you?
Was ever any stinker, memo, show cause notice on any misconduct issued to you?
Are you a member of employee’s/trade unions?
Ms.Usha Kapoor (CEO) 03 June 2017
| ii. | CREDITORS VOLUNTARILY WINDING UP | |||
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Where the resolution for winding up has been passed, but the Board of Directors are not in a position to give a declaration on the liability of company, they may call a meeting of creditors, for the purpose of winding up. (500)
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It is the duty of Board of Directors, to present a full statement of company’s affairs, and list of creditors alongwith their dues, before the meeting of creditors. [500 (3)]
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Whatever resolution, the company passes in creditor's meeting, shall be given to the Registrar within ten days of its passing. (501)
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| WHO SHALL CARRY OUT THE WINDING UP PROCEDURE ? & WHAT SHALL BE THE PROCEDURE? | ||||
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Company in the general meeting [in which resolution for winding up is passed], and the creditors in their meeting, appoint liquidator. They may either agree on one liquidator, or if two names are suggested, then liquidator appointed by creditor shall act. (502)
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Any director, member or creditor may approach the court, for direction that:
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| 1.Liquidator appointed in general meeting shall act, or | ||||
| 2.He shall act jointly with liquidator appointed by creditor, or | ||||
| 3.Appointing official liquidator, or | ||||
| 4.Some other person to be appointed as liquidator. [502 (2)] | ||||
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The remuneration of liquidator shall be fixed by the creditors, or by the court. (504)
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On appointment of liquidator, all the power of Board of Directors shall cease. (505)
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In case, the winding up procedure, takes more than one year, then he will have to call a general meeting, and meeting of creditors, at the end of each year, and he shall present, a complete account of the procedure, and the status / position of liquidation (505).
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| WHEN AFFAIRS OF THE COMPANY ARE FULLY WOUND UP ( 509) | ||||
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The liquidator shall take the following steps, when affair of the company are fully wound up:
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Call a general meeting, and meeting of creditors, and lay before it, complete picture of accounts, winding up procedure and how the properties of company are disposed of.
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The meeting shall be called by advertisement, specifying the time, place and object of the meeting.
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The liquidator shall send to the Registrar and official liquidator copy of account, within one week after the meeting.
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If from the report, official liquidator comes to the conclusion, that affairs of the company are not being carried in manner prejudicial to the interest of it’s members or public, then the company shall be deemed to be dissolved, from the date of report to the court.
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However, if official liquidator comes to a finding, that affairs have been carried in a manner prejudicial to intent of members or public, and then court may direct the liquidator to investigate further.
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The Central Govt. shall keep a cognizance over the functioning of official liquidator, and may require him to answer any inquiry. (463)
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| DISTRIBUTION OF PROPERTY OF COMPANY ON VOLUNTARILY WINDING UP [BOTH MEMBERS AND CREDITORS VOLUNTARILY WINDING UP] | ||||
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Once the company is fully wound up, and assets of the company sold or distributed, the proceedings collected are utilised to pay off the liabilities. The proceedings so collected shall be utilised to pay off the creditors in equal proportion. Thereafter any money or property left may be distributed among members according to their rights and interests in the company.
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Ms.Usha Kapoor (CEO) 03 June 2017
| ii. | CREDITORS VOLUNTARILY WINDING UP | |||
|
Where the resolution for winding up has been passed, but the Board of Directors are not in a position to give a declaration on the liability of company, they may call a meeting of creditors, for the purpose of winding up. (500)
|
|||
|
It is the duty of Board of Directors, to present a full statement of company’s affairs, and list of creditors alongwith their dues, before the meeting of creditors. [500 (3)]
|
|||
|
Whatever resolution, the company passes in creditor's meeting, shall be given to the Registrar within ten days of its passing. (501)
|
|||
| WHO SHALL CARRY OUT THE WINDING UP PROCEDURE ? & WHAT SHALL BE THE PROCEDURE? | ||||
|
Company in the general meeting [in which resolution for winding up is passed], and the creditors in their meeting, appoint liquidator. They may either agree on one liquidator, or if two names are suggested, then liquidator appointed by creditor shall act. (502)
|
|||
|
Any director, member or creditor may approach the court, for direction that:
|
|||
| 1.Liquidator appointed in general meeting shall act, or | ||||
| 2.He shall act jointly with liquidator appointed by creditor, or | ||||
| 3.Appointing official liquidator, or | ||||
| 4.Some other person to be appointed as liquidator. [502 (2)] | ||||
|
The remuneration of liquidator shall be fixed by the creditors, or by the court. (504)
|
||||
|
On appointment of liquidator, all the power of Board of Directors shall cease. (505)
|
||||
|
In case, the winding up procedure, takes more than one year, then he will have to call a general meeting, and meeting of creditors, at the end of each year, and he shall present, a complete account of the procedure, and the status / position of liquidation (505).
|
||||
| WHEN AFFAIRS OF THE COMPANY ARE FULLY WOUND UP ( 509) | ||||
|
The liquidator shall take the following steps, when affair of the company are fully wound up:
|
||||
|
Call a general meeting, and meeting of creditors, and lay before it, complete picture of accounts, winding up procedure and how the properties of company are disposed of.
|
|||
|
The meeting shall be called by advertisement, specifying the time, place and object of the meeting.
|
|||
|
The liquidator shall send to the Registrar and official liquidator copy of account, within one week after the meeting.
|
|||
|
If from the report, official liquidator comes to the conclusion, that affairs of the company are not being carried in manner prejudicial to the interest of it’s members or public, then the company shall be deemed to be dissolved, from the date of report to the court.
|
|||
|
However, if official liquidator comes to a finding, that affairs have been carried in a manner prejudicial to intent of members or public, and then court may direct the liquidator to investigate further.
|
|||
|
The Central Govt. shall keep a cognizance over the functioning of official liquidator, and may require him to answer any inquiry. (463)
|
||||
| DISTRIBUTION OF PROPERTY OF COMPANY ON VOLUNTARILY WINDING UP [BOTH MEMBERS AND CREDITORS VOLUNTARILY WINDING UP] | ||||
|
Once the company is fully wound up, and assets of the company sold or distributed, the proceedings collected are utilised to pay off the liabilities. The proceedings so collected shall be utilised to pay off the creditors in equal proportion. Thereafter any money or property left may be distributed among members according to their rights and interests in the company.
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Adv. Vaishali Harish Gore (job) 03 June 2017
Does salary of entore staff is not paid by the company or only yours salary is hols?
vijay tandon 03 June 2017
Hi Vaishali
salary of almost whole staff ws not paid for around year and half some left after 2-5 months some one like me continued for around 15 months before CEO told that funding can''t be arranged then i resigned but kept on supporting them based on CEO words that i will be paid once funding comes but they did not paid
now a vendor filed apettion in delhi high court official liquaidator was appointed but within Six months Vendors payments were made and official liquaidator was released i met official liquidator , he said form our side issue is closed now they can't do any thing directly till court again instructs them to do some thing
Regards
vijay
vijay tandon 03 June 2017
What is this establishment; Commercial, Industrial?
subsidiary of US MNC for telecom services as BSNL partner
thnaks for response
What is its nature of business say; IT, ITeS?
WIMAX broadband Telecom services as BSNL franchise partner
How many persons are employed in it? What is your designation and nature of duties? How many persons report to you?
at time of peak of operations in 2010 around 15O people now operations closed
Do you have any power to sanction leave/increment/appoint/terminate/appraise etc etc ?
i was appointed has a manger having 12-15 reportees and done conformation appriasals for team members
You are in which state?
Gurgaon haryana
Since how mahny months you are working?
from nov 2008 to july 2011
Do standing orders (model/certified) apply to establishment and your designation?
What is notice period as per appointment letter/offer letter and what was notice period tendered by you?
3 Monts both side
Was ever any stinker, memo, show cause notice on any misconduct issued to you?
no i was one of few retained after downsizing and was manging key fundtion of billing and revenue managment
Are you a member of employee’s/trade unions?
no
In past even in high court company did not came for first 2 hearing till Winfing up pettion was acception and official liquidator was appointed
2 notices has been sent by labour commissioner office no response from company
regards
vijay
Kumar Doab (FIN) 03 June 2017
Why do you straight way want to jump to Winding UP petition?
Before it Statutory Notice has to be issued.
Local counsel specializing in such matters can help you.
Kumar Doab (FIN) 03 June 2017
Inquire on your own.
Avoid hiring lawyers from online portals like LCI.
There are unlimited number of threads by unsuspecting querists/authors that have been fleeced.
vijay tandon 03 June 2017
They wont listen for any Govt agency
they have done in past
2 notice form labour commsionner office no response for salary oustandings
company winding up is only way to let them come and discuss 2 directors are NRi and US citizens
sending formal 2-3 notice will be a prcoess which can be follwed by any local lawyer
Kumar Doab (FIN) 03 June 2017
| Originally posted by : vijay tandon | ||
 |
What is this establishment; Commercial, Industrial? subsidiary of US MNC for telecom services as BSNL partner thnaks for response What is its nature of business say; IT, ITeS? WIMAX broadband Telecom services as BSNL franchise partner How many persons are employed in it? What is your designation and nature of duties? How many persons report to you? at time of peak of operations in 2010 around 15O people now operations closed Do you have any power to sanction leave/increment/appoint/terminate/appraise etc etc ? i was appointed has a manger having 12-15 reportees and done conformation appriasals for team members You are in which state? Gurgaon haryana Since how mahny months you are working? from nov 2008 to july 2011 Do standing orders (model/certified) apply to establishment and your designation? What is notice period as per appointment letter/offer letter and what was notice period tendered by you? 3 Monts both side Was ever any stinker, memo, show cause notice on any misconduct issued to you? no i was one of few retained after downsizing and was manging key fundtion of billing and revenue managment Are you a member of employee’s/trade unions? no In past even in high court company did not came for first 2 hearing till Winfing up pettion was acception and official liquidator was appointed 2 notices has been sent by labour commissioner office no response from company regards vijay |
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The company has already been closed.
You have separated almost 6 years back.
You may discuss in person with a very able counsel specializing in labor/Service matters.............................
N.K.Assumi (Advocate) 04 June 2017
File a petition in the court to compel the company to release your salary, so that the court will appoint an official liquidator to act on your behalf.
Adv. Vaishali Harish Gore (job) 05 June 2017
do followup with the labour commisioer office, No one is beyound the law. All the employees who not received the salary are the applicants in the said matter
Kumar Doab (FIN) 05 June 2017
Who is mentioned as Executor in the WILL?
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