ORDER: This is a petition under sub-section (2) of S. 633 of the Companies Act 1956 for relief against liabilities for fines or penalties in regard to the failure of Filmistan Private Ltd. to file with the Registrar of Companies copies of balance sheet and Auditors report for the year ending on the 81st of August 1956.

(2) The reason given by the petitioners for this omission is that accounts up to the year 1950-51 used to be audited by M/s. Sharp and Tannon but that sometime in August 1955 the auditing of the accounts was entrusted to M/s. Kalyaniwala and Mistry, who were then appointed the Companys auditors and that the new auditors could not audit the accounts owing to a radical conflict of opinion between the Company on the one hand and the Income Tax authorities on the other hand as to the manner in which the unexploited value of five cinematographic pictures produced by the Company should be determined for the purpose of computing annual profits or losses of the Company. The case of the petitioner is that until the value of these unexploited pictures was finally deter mined, it would not be possible for the auditors to prepare a true and fair balance sheet and profit and loss

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