This application is taken out by the official liquidator, Madras High Court, the official liquidator of Manasuba and company (Private) Limited under sections 455 and 478 of the Companies Act, 1956, for directing the public examination of the three directors, namely, C.V. Raman, T.V. Narayanaswami Aiyer and T.K . Balasubramaniam, and the secretary of the company, R.S. Rangarajan

The company, Manasuba and Company (Private) Limited, was incorporated on May 13, 1957, under the Companies act, 1956, as a private limited company. It ceased to do business as from May 21, 1961. It was ordered to be wound up. A preliminary report under section 455 of the Companies Act was filed on December 17, 1962, by the official liquidator and was ordered by this court on January 25, 1963. The official liquidator filed a further report under section 455(2) stating that fraud had been committed in the conduct of the business of the company and that a public examination of the persons mentioned above should be conducted

The three persons, C.V. Raman, T.V. Narayanaswami Aiyer and T.K. Balasubramaniam, and one T.N. Nagarajan were the promoter directors of the company. Nagarajan subsequently resigned