In exercise of the powers conferred by clause e of sub section 1 of Section 272 of the Companies Act,

## Report on Notification Regarding Winding Up Petition for Devas Multimedia Private Limited **1. Executive Summary:** This report analyzes a notification issued by the Ministry of Corporate Affairs, Government of India, regarding the authorization for filing a winding-up petition against Devas Multimedia Private Limited. The core purpose, as derived from the notification, is to initiate the legal process for the dissolution of Devas Multimedia Private Limited under specific provisions of the Companies Act, 2013. The key finding is that the Central Government is taking definitive action to wind up the company by authorizing a designated representative to present a petition before the Tribunal. **2. Introduction:** This report provides an overview of a notification (S.O. 220E) issued by the Ministry of Corporate Affairs, focusing on its key provisions and implications. This analysis is based solely on the text of the provided notification. **3. Policy Overview:** This is a *new* policy action, authorizing a specific action under existing legislation (Companies Act, 2013). The core objective, as inferred from the text, is to commence the process of legally dissolving Devas Multimedia Private Limited through a winding-up petition. **4. Background and Rationale:** Based on the provided text, the rationale for this notification is not explicitly stated. However, the text indicates that the winding-up petition is based on grounds specified under clause c of Subsection 1 of Section 271 of the Companies Act, 2013. This suggests that Devas Multimedia Private Limited may have engaged in activities prejudicial to the public interest or the interests of the state, or that the company is unable to pay its debts and the Tribunal finds that it is just and equitable that the company should be wound up, or the company has acted against the sovereignty and integrity of India. **5. Key Provisions / Changes:** This is a new policy action authorizing a specific legal step. The notification stipulates the following: * **Authorization:** Shri Rakesh Sasibhushan, Chairman cum Managing Director, Antrix Corporation Limited, is authorized to present a winding-up petition. * **Target Company:** The petition concerns Devas Multimedia Private Limited, a company registered under the Companies Act. * **Legal Basis:** The winding-up petition will be filed based on the grounds specified under clause c of Subsection 1 of Section 271 of the Companies Act, 2013. * **Effective Date:** The notification comes into force on the date of its publication in the Official Gazette (January 18, 2021). **6. Target Audience and Stakeholders:** The immediate target is Devas Multimedia Private Limited, as the notification directly impacts its future. Stakeholders include: * Devas Multimedia Private Limited's shareholders, creditors, and employees. * Antrix Corporation Limited, which is tasked with initiating the winding-up petition. * The Tribunal, which will adjudicate the winding-up petition. * Ministry of Corporate Affairs. **7. Implementation Aspects (Inferred):** * **Responsible Agency:** Antrix Corporation Limited, specifically Shri Rakesh Sasibhushan, is responsible for filing the winding-up petition. The Ministry of Corporate Affairs is also involved in issuing the notification. * **Timeline:** The notification is effective from January 18, 2021. The timing of filing the petition and the subsequent proceedings are not specified in the notification itself. * **Procedure:** The notification initiates the procedure for winding up under the Companies Act, 2013. The specific steps for filing and processing the petition will be governed by the relevant provisions of the Act and related regulations. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome is the legal dissolution of Devas Multimedia Private Limited. The impact includes: * Potential liquidation of Devas Multimedia Private Limited's assets. * Resolution of claims by creditors and shareholders. * Termination of employment contracts for Devas Multimedia Private Limited's employees. **9. Conclusion:** The notification from the Ministry of Corporate Affairs represents a significant step towards the potential winding up of Devas Multimedia Private Limited. It authorizes a specific entity to initiate legal proceedings under the Companies Act, 2013, based on specific grounds related to the company's operations. The notification's impact will be felt by Devas Multimedia Private Limited, its stakeholders, and the broader corporate landscape.

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