Court : Company Law Board CLB Chennai
..... the applicant fears of any action by the registrar of companies, karnataka for statutory violations and non-performing of statutory obligations, if any, gravely prejudice the interest of the applicant and bring in severe financial loss. ..... with regard to the function of company she submitted that the company is functioning well as it is evident from the financial statement of the company. .....
Tag this Judgment!Court : Company Law Board CLB Chennai
..... the main grievances of the petitioners in the affairs of the company on account of the respondents are relating to (a) obtaining of contracts without escalation clause; (b) non-holding of annual general meetings in disregard of statutory obligations; (c) non-rendition and falsification of accounts; (d) siphoning of monies realised from and out of kuwait operations and awards obtained by the company; (e) acquisition of properties out of the companys funds in the name of ..... for the purpose of among other things, considering and adopting the audited accounts for the year ended 31-3-2000, without however, giving of any accounts by the second respondent for the financial years 1992-93 onwards, prayed for granting permanent injunction restraining the third respondent herein from holding the annual general meeting of the company on 30-8-2000. ..... the statutory auditors sent in reply to the letter dated 1-12-2001 of the second petitioner would show that the audit for the financial year 1992-93 could not be finalized, since accounts for kuwait operations of the company were not made available for their scrutiny. ..... [2006] 74 cla 116 (clb - new delhi) to show that where the allegation is financial mismanagement resulting in siphoning of funds and creating fictitious liabilities, there is no merit in the defence that the accounts were audited ..... certain records for a limited period namely, cash books for the period barring the financial year 2001-02, for which year alone ledger has been produced. .....
Tag this Judgment!Court : Company Law Board CLB Chennai
..... of the petition; (c) to disqualify and remove the respondents 3 to 5 who are the nominees of the second respondent on the board of company on account of various wilful mismanagement of the affairs of the company, resulting in financial losses, threatening the very existence of the company, and without prejudice to their personal liability to make good the losses; (d) to direct the auditors to commence audit of accounts compiled, based on available information; (e) to recommend for ..... strength of the second respondent and further suppressed the true holding structure and the nature as well as extent of inter-company transactions, establishing the perverse and diabolical financial arrangements between the group companies, the true financial health as well as performance of the second respondent on which the petitioner relied upon and concealed the real net worth of the group companies. ..... the respondents 2 and 3 from managing companies including but not limited to the company under section 203 of the act, in view of previous conviction by the court and also in view of dubious financial arrangements within the group companies having significant impact on security of banking facilities extended to the respondents 2 and 7 and other group companies. 5. ..... to the seventh respondent, they are guilty of violation of sections 299 and 300 of the act, which impose obligations on them to disclose their interest at a board meeting and not to participate in decisions relating to interested companies. .....
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