Consolidating company liquidation

Das vergangene Geschftsjahr war geprgt durch die Aktivitten des Unternehmens zur weiteren Internationalisierung des operativen Geschfts und zur Weiterentwicklung der Organisation des Unternehmens Darber hinaus gaben die im Verlauf des Jahres immer sichtbarer werdenden Auswirkungen der Finanzmarktkrise auf die Gesamtwirtschaft Anlass, mgliche Rckwirkungen dieser Entwicklung auf die Geschftsentwicklung der Gesellschaft mit besonderer Aufmerksamkeit zu beobachten Der Aufsichtsrat hat diesen Prozess und diese Entwicklungen einschlielich der damit einhergehenden Vernderungen der fr die Gesellschaft The past financial year was characterized by the company's activities to further internationalize the operative business and by the further development of the organization of the company Furthermore, the increasingly visible effects of the financial market crisis on the overall economy provided an occasion to pay particular attention to how this development may impact the company's business The Supervisory Board actively assisted in this process and in this development, which also included changes in the company's risk Mit Bezug auf die keineswegs schlechten Gymnasiasten kann Hurrelmann feststellen: "Die leistungsstarken Schler beklagen - ihren eigenen Angaben zufolge - eher, da sie zwar das System der Anforderungen seiner Struktur und Dynamik nach durchschauen und sich auch meist mhelos danach verhalten knnen, ihnen aber der "tiefere Referring to by no means poor high-school pupils, Hurrelmann states: ' The high-achieving pupils rather complain - according to their own statements - that they understand the system in its demands with regard to structure and dynamics and that they can usually conduct themselves accordingly without any difficulties, but that the "deeper meaning" of the whole Die hochrangige Expertengruppe sprach darber hinaus noch mehrere andere Empfehlungen aus, die die Verantwortung der Direktoren strken sollen: a) Einfhrung eines Rechts auf Sonderprfung, das Aktionre, die einen gewissen Anteil am Aktienkapital halten, in die Lage versetzen wrde, bei einem Gericht oder einer Verwaltungsbehrde eine Sonderprfung zu beantragen; b) Ausarbeitung einer Regelungwrden, wenn sie sich bei absehbarer Zahlungsunfhigkeit des Unternehmens weder zu seiner Rettung und zur Zahlung der ausstehenden Verbindlichkeiten noch zur Konkursanmeldung entschlieen; c) EU-weites Verbot der Ttigkeit als Direktor als Strafe fr irrefhrende Unternehmensabschlsse oder Erklrungen oder sonstige Formen von Fehlverhalten.

The High Level Group made several other recommendations designed to enhance directors responsibilities : a) introduction of a special investigation right, whereby shareholders holding a certain percentage of the share capital should have the right to ask a court or administrative authority to authorise a special investigation into the affairs of the company; b) development of aif it is foreseeable that the company cannot continue to pay its debts and they don't decide either to rescue the company and ensure payment or to put it into liquidation; c) imposition of directors' disqualification across the EU as a sanction for misleading financial and non-financial statements and other forms of misconduct by directors.

1870 Pullman signed a 99 year lease for control of the Central Transportation Co. was acquired by Pullman Southern in exchange for capital stock. The Central Pacific signed with Pullman in 1883, thus consolidating transcontinental sleeping-car service for the first time. was incorporated on 19 May in the State of Pennsylvania 1872 The company acquired shops at Elmira, NY from Erie & Atlantic Sleeping Car Co.. was officially organized and began business with Pullman participating. was purchased by Pullman and operated as the Detroit Shops of Pullman. 1877 Pullman’s offer to purchase all the stock of Southern Transportation Co. 1901 The Wilmington, DE repair shops were completely rebuilt. was incorporated on 2 January with a capital stock of million. 1909 Land acquired in Richmond, CA for establishing shops. 1912 The last major acquisition of outside rolling stock took place on 31 December when the company purchased 252 wooden cars from the New York, New Haven & Hartford Railroad. acquiring all of the outstanding shares (500,000) of Pullman Car & Manufacturing Corp. on July12, 1927, in exchange for 675,000 shares of Pullman Inc. By December 31, 1929, 1,349,232 shares had been acquired. (Pennsylvania) were simultaneously liquidated and their assets transferred to Pullman Car & Manufacturing Corp. of Alabama for 20 shares of capital stock of Pullman-Standard Car Manufacturing Co. announced that the Michigan, IN freight car plant was closed 1971 The community of Pullman is declared a local, state and national landmark. He later became president of the Pullman-Standard Division.

1872 Paine Lines, so-called, merged with Pullman Southern Car Co. 1873 Pullman entered the foreign market under an operating contract with the Midland Railway Co. Six cars were built at the Detroit shops and shipped disassembled in 1874. 1873 Pullman acquired on January 31st the business of Detroit & Milwaukee Sleeping Car. was approved by directors and stockholders of that company. Pullman and his associates founded and began operation of the Pullman Loan & Savings Bank. 1909 A small shop located on leased ground at Ludlow, KY, near Cincinnati was opened in December. Pullman viewed this purchase as the elimination of another competitor. stock in exchange for its own stock, and thereupon, became a subsidiary of Pullman Inc. became a 99.62 percent owned subsidiary of Pullman Inc. 1927 On July 27th Pullman Car & Manufacturing Corp. on September 28th (Pullman Car & Manufacturing Corp. 1972 The company won an order from the New York Transit System for 754 cars, the largest order ever placed for such equipment with a single manufacturer. 1979 Since the start of the Bessemer operation approximately 260,00 freight car units have been shipped. 1980 Silas Keehn selected chairman of the board of Pullman, Inc.

b) Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992.

At the end of winding up, the company will have no assets or liabilities.

An Administrator, called a liquidator is appointed and he takes control of the company, collects its assets, pays its debts and finally distributes any surplus among the members in accordance with their rights Winding up is a proceeding by means of which the dissolution of a company is brought about & in the course of which its assets are collected and realised; and applied in payment of its debts; and when these are satisfied, the remaining amount is applied for returning to its members the sums which they have contributed to the company in accordance with Articles of the Company.” Winding up is a legal process.

Under the process, the life of the company is ended & its property is administered for the benefits of the members & creditors.

Chargeability: Capital gains shall be chargeable to tax if following conditions are satisfied: a) There should be a capital asset.

In other words, the asset transferred should be a capital asset on the date of transfer; b) It should be transferred by the taxpayer during the previous year; c) There should be profits or gain as a result of transfer. Meaning of Capital Asset [Sec 2(14)] Capital Asset is defined to include: a) Any kind of property held by an assessee, whether or not connected with business or profession of the assessee.