1. This company Petition is filed under section 433 (e) & (f), read with section 439 of the companies Act 1956 and Rule 95 of the Company (court) Rules, 1959, for winding up of the respondent company. The company petition was filed, on behalf of the petitioner, by its senior general manager Sri. S. Seshan. In the company petition it is stated that Sri. R. Seshan was duly empowered under the power of attorney dated 18.2.2011 to file the present winding up petition, and to do all acts, matters and things in relation thereto.

2. The petitioner is a company incorporated under the Companies Act, 1956 with its registered office at Chennai. It is engaged in the business of freight forwarding and customs clearance. The respondent company was incorporated under the companies act on 18.12.1992, and its registered office is at Hyderabad. Its authorized share capital is Rs. 150 crores divided into fifteen crore equity shares of Rs. 10/-each. Its issued, subscribed and paid up capital as on 31.3.2005 was Rs. 20.00 lakhs divided into two lakh equity shares of Rs. 10/-each. The main objects of the respondent company is to carry on business of printing, publishing, and circulating or otherwise dealing in daily, weekly, fortnightly or monthly newspapers, magazines, periodicals, journals, books of all kinds or other publications, to start, acquire, print and generally to carry on the business of owners of newspapers and magazines and to carry on the business of manufacturer, importer, exporter and dealer in all kinds and classes of paper, board and pulp, and all kinds of articles in the manufacturing of which any form of paper, board and pulp is involved.

3. It is the petitioner’s case that, in the course of their business, they approached the respondent which utilized their services to handle their sea import consignments; the respondent company released its order dated 1.1.2010 in favour of the petitioner for clearing its import consignment at ICD-Hyderabad, and for providing certain services, in their letter dated 1.1.2010 the respondent agreed to make payment on the 30th day from the date of submission of bills, and to release the original bank documents within time to enable the petitioner to do the needful; the petitioner was regularly clearing the respondents cargo from customs authorities; they cleared substantial containers within a period of six months ever since they started handling the respondents business; and though the containers had arrived as per schedule, the respondent company had delayed dispatching documents from the bank i.e., in getting clearance from their bankers. A statement, giving details of the shipment, the arrival date, the document received date, and the customs clearance date, is furnished. The petitioner would submit that they received an e-mail on 15.6.2010 from the respondent company requesting them to clear the documents, and release newsprint from ICD-Hyderabad without delay; the petitioner was assured that the respondent would be arranging payment within 10 to 15 days after the due date of the petitioner’s invoices without fail, despite which the respondent had failed to clear the dues; on coming to know, in the first week of July, 2010, that the respondent was clearing its goods through another agent, the petitioner informed the respondent, by e-mail dated 2.7.2010, that Rs.21.00 lakhs was due and payable to them beyond 30 days, and Rs. 10.00 lakhs was the amount due and payable for a period less than 30 days; the petitioner, thereafter, received a cheque for Rs. 1,89,000/-from the respondent leaving a balance of Rs. 30,62,583/-as still due and payable; as there were huge outstanding dues, payable by the respondent company, the petitioner had returned two documents informing the respondent to make their own arrangements to clear the consignments citing financial unviability; their representative Sri. R.Seshan had met the respondent company’s Executive Director during July, 2010; during the cou