Bal Raj Tuli, J.

1. This petition for the winding-up of Messrs. Suraj Bachat Yojna Private Ltd., Amritsar (hereinafter referred to as " the company "), has been filed by the Registrar of Companies under Clause (e) Section 433 read with Section 439(5) of the Companies Act, 1956 (hereinafter called " the Act"), on the ground that the financial position of the company was found unsatisfactory on a scrutiny of the balance-sheet of the company for the period ending March 31, 1969. The company had been incurring losses since its incorporation. During the years ending March 31, 1966, March 31, 1967, March 31, 1968, and March 31, 1969, the company incurred losses of Rs. 24,173.42, Rs. 19,264.25, Rs. 8,841.40 and Rs. 10,602.61 respectively. The total losses of the company thus accumulated to Rs. 62,881.77 on March 31, 1969, as against the paid-up capital of Rs. 5,600 only. The net tangible assets of the company on March 31, 1969, were valued at Rs. 1,86,492.70 while the liabilities amounted to Rs. 2,44,409.47 leaving a deficit of Rs. 57,916.77. From these figures, which have been taken from the balance-sheet for the year ending March 31, 1969, it is concluded that the company is una