The case pertains to the voluntary liquidation of Sidhivinayak Financial Services Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated on 16.05.2012, aimed to operate as a Non-banking Financial Institution but failed to obtain necessary approval from the Reserve Bank of India, preventing it from commencing business operations. The company's board of directors passed a resolution for voluntary liquidation on 12.01.2019, which was subsequently approved by the members. The liquidator, Mr. Mast Ram, initiated the liquidation process, informed relevant authorities, and made public announcements. The company had no creditors, and the liquidator distributed the assets and closed the liquidation account.
Sidhivinayak Financial Services Limited was incorporated on 16.05.2012 with the intention of operating as a Non-banking Financial Institution (NBFC). However, it failed to secure the necessary approval from the Reserve Bank of India (RBI), preventing it from commencing its business operations. The company's board of directors passed a resolution for voluntary liquidation on 12.01.2019, which was subsequently approved by the members in an Extra Ordinary General Meeting (EOGM) held on 24.01.2019. Mr. Mast Ram was appointed as the liquidator. The liquidator informed the Registrar of Companies (RoC) and the Insolvency and Bankruptcy Board of India (IBBI) about the commencement of the liquidation process. Public announcements were made in the 'Financial Express' and
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Sidhivinayak F…
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The case pertains to the voluntary liquidation of Sidhivinayak Financial Services Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated on 16.05.2012, aimed to operate as a Non-banking Financial Institution but failed to obtain necessary approval from the Reserve Bank of India, preventing it from commencing business operations. The company's board of directors passed a resolution for voluntary liquidation on 12.01.2019, which was subsequently approved by the members. The liquidator, Mr. Mast Ram, initiated the liquidation process, informed relevant authorities, and made public announcements. The company had no creditors, and the liquidator distributed the assets and closed the liquidation account.
Sidhivinayak Financial Services Limited was incorporated on 16.05.2012 with the intention of operating as a Non-banking Financial Institution (NBFC). However, it failed to secure the necessary approval from the Reserve Bank of India (RBI), preventing it from commencing its business operations. The company's board of directors passed a resolution for voluntary liquidation on 12.01.2019, which was subsequently approved by the members in an Extra Ordinary General Meeting (EOGM) held on 24.01.2019. Mr. Mast Ram was appointed as the liquidator. The liquidator informed the Registrar of Companies (RoC) and the Insolvency and Bankruptcy Board of India (IBBI) about the commencement of the liquidation process. Public announcements were made in the 'Financial Express' and
…Sidhivinayak F…
The company's board of…
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