SALIL K. ROY CHOWDHURY, J.

( 1 ) THIS is an application under Section 633 (2) of the Companies Act, 1956, for an order excusing and relieving the petitioner of the negligence, defaults and non-compliance with the directions contained in Section 58a of the Companies Act, 1956, and Companies (Acceptance of Deposits) Rules, 1975, and from all liabilities thereunder and for consequential reliefs.

( 2 ) THE petitioners presented this application on the 26th of July, 1977. On that date an order for maintaining status quo in the meantime was passed and subsequently directions for filing affidavits were given which were extended from time to time and, thereafter, the matter was adjourned from time to time and ultimately, appeared in the list for hearing.

( 3 ) THE petitioners are the directors of the company, East India Hotels Ltd. , which was incorporated as a public limited company and having its registered office at No. 4, Mango Lane, Calcutta. The authorised capital of the company is Rs. 10 crores, the issued capital is Rs. 8,65,79,340 and the subscribed capital is Rs. 4,57,429. 23 in cumulative preference shares, redeemable cumulative preference shares, ' A ' redeemable cumulative

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