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The Kerala High Court recently laid down that the National Company Law Tribunal can only direct the Company to file its objections along with the statement of affairs when a petition for winding up of the Company before the Tribunal had been filed by any person other than the Company itself. Justice C. Jayachandran, passed the order on perusing Section 274 of the Companies Act, which stipulates the 'directions for filing statement of affairs'. The petitioner thus challenged the order on the basis of Section 274 of the Companies Act, 2013, which contemplates such an order only as against the company, and not against the petitioner, who was only a shareholder of the Company. "The winding up proceedings will continue in accordance with law, directing the company to produce the statement of affairs, if it is found necessary to proceed with the matter," it observed, while disposing the case.

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