1. - This petition has been filed by the Registrar of Companies' (hereinafter referred to as "the petitioner") under Section 439(5) read with Clauses (c) and (f) of Section 433 of the Companies Act, 1956 (hereinafter referred to as "the Act"), for the winding up of M/s. Jai Agro Industries Ltd., respondent herein (hereinafter referred to as "the company"), on the ground that the company has not been carrying on business for more than a whole year and has lost its substratum.

2. The company was incorporated in the Union Territory of Delhi on July 21, 1969, and, subsequently, it changed its registered office from the Union Territory of Delhi to the State of Rajasthan. The main object with which the company was incorporated was to acquire and take over the existing agricultural and horticultural activities carried on by the Jaipur Udyog Ltd. and to carry on business of farming, horticulture, floriculture, sericulture, etc. The company is a wholly owned subsidiary of M/s. Jaipur Udyog Limited. It has three agricultural farms at Delhi, Sawai Madhopur and Jodhpur. In the petition it has been stated that the last balance-sheet and profit and loss account that was filed in the offi