1. The Hooghly Docking and Engineering Co. Ltd. the petitioner No. 1 herein is an existing company within the meaning of the Companies Act 1956. It has its registered office at No. 12. Mission Raw. Calcutta and its factory is situated at No.6. Howrah Road, Salkia, West Bengal, The petitioner No. 1 carries on business in ship building and ship repairing. Birendra Nath Mukherjee, the petitioner No. 2 is a shareholder of the petitioner No. 1 and lie the material time had been a director and the Chairman of the Board of Directors of the petitioner No. 1. The petitioners Nos. 3 to 6 were at the material time also the directors of the petitioner No 1.

2. The petitioner. No. 1 had been sustaining losses in its business since 1963, and its position became ever more acute since 1966 on account of general economic recession in India. As a result the available working fund of the petitioner No. 1 was completely depleted and all its reserves were completely wiped cut. Funds were not available for payment of both the net wages of the employees as also the other liabilities including statutory liabilities and after payment of the net wages the petitioner No.1 had to defer payment of its ot