from the Board of Directors of the Company w.e.f 1.4.1997 in order to pursue higher studies. The resignation was accepted and received by the Registrar of Companies on 17.4.1997, Annexure P.1. The petitioner also vacated the rented accommodation allotted by the company at Lucknow and shifted to United States of America. He completed his studies in the year 1998-99 and started residing in Delhi. The Company was taken over by other members who were inducted as Directors, Managing Director, Vice Chairman etc. The main person who was handling the affairs of the company was Col. B.M.Bhagi, who was Managing Director of the Company since 25.4.1995 and was later re-designated as Vice chairman of the Company. The company ran into dire financial crisis in the year 1999. As a result, some of the member-shareholders/investors proceeded against the Company under Section 433(e) of the Companies Act, 1956 for winding up by filing a petition in the Hon’ble Allahabad High Court. The Hon’ble Allahabad High Court directed winding up of the Company vide order dated 15.1.2003. Official Liquidator has been appointed and he continued to hold the assets of the Company. A direction was also given by the Hon’ble Allahabad High Court to register a case with regard to the operations of the Company by the Central Bureau of Investigation for offences under sections 406, 420 IPC read with Section 120-B IPC. The petitioner was also asked to join the investigation. He cooperated with the investigation for more than four years and was thereafter taken into custody by the CBI. The petitioner remained in custody for a period of six months and was granted bail by the Additional
