This application is taken out by the Official Liquidator, Madras High Court, the Official Liquidator of Manasuba & Company (P.), 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 Aiyar and T. K. Balasubramaniam, and the Secretary of the Company, R. S. Rangarajan.

The company, Manasuba & Company (Private) Limited, was incorporated on 13th May, 1957, under the Companies Act, 1956 as a private limited company. It ceased to do business as from 21st May, 1961. It was ordered to be wound up. A preliminary report under section 455 of the Companies Act was filed on 17th December, 1962, by the Official Liquidator and was ordered by this Court on 25th January, 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 Aiyar and T. K. Balasubramaniam, and one T. N. Nagarajan, were the promoter-directors of the company. Nagarajan subsequently resign