CL: Where respondent-company had not furnished information in respect of its affairs, to Chartered Accountants appointed by Court which it was reasonably expected to furnish, Central Government was to be directed to order investigation into affairs of respondent-company
■■■
[2015] 55 taxmann.com 238 (Madras)
HIGH COURT OF MADRAS
T. Kannan
v.
Shapre Infotech India Ltd.
R. SUDHAKAR, J.
COMPANY PETITION NO. 198 OF 2007
APRIL 30, 2014
Section 213 of the Companies Act, 2013/Section 237 of the Companies Act, 1956 read with rule 11 of the Companies (Court) Rules, 1959 - Investigation of Company's affairs in other cases - Petitioner shareholders had subscribed to shares in respondent-company based on assurance that they would get good returns on their shares and that their shares would also be listed on other stock exchanges - However, petitioners alleged that from beginning they had not received notice from respondent-company regarding convening of Annual General Meetings or Extraordinary General Meetings and were also not informed of any major activities of company like amalgamation, listing and de-listing of shares - Hence, court appointed chartered accountants to look into affairs of company to understand seriousness of allegations made by petitioners - However, respondents did not comply with directions given by Court to furnish relevant particulars to chartered accountants - Whether, conduct of business of respondent-company was oppressive to its members and non-cooperation of respondent-company with chartered accountants, despite series of orders of Court, clearly showed that respondents intended to thwart attempts of Court to do substantial justice to either parties - Held, yes - Whether facts, as presented, clearly made out a case for Court to direct Central Government to order investigation into affairs of respondent-company, more particularly in view of fact that respondent-company had not furnished information in respect of its affairs, which it was reasonably expected to furnish - Held, yes [Para 15]
■■■
[2015] 55 taxmann.com 238 (Madras)
HIGH COURT OF MADRAS
T. Kannan
v.
Shapre Infotech India Ltd.
R. SUDHAKAR, J.
COMPANY PETITION NO. 198 OF 2007
APRIL 30, 2014
Section 213 of the Companies Act, 2013/Section 237 of the Companies Act, 1956 read with rule 11 of the Companies (Court) Rules, 1959 - Investigation of Company's affairs in other cases - Petitioner shareholders had subscribed to shares in respondent-company based on assurance that they would get good returns on their shares and that their shares would also be listed on other stock exchanges - However, petitioners alleged that from beginning they had not received notice from respondent-company regarding convening of Annual General Meetings or Extraordinary General Meetings and were also not informed of any major activities of company like amalgamation, listing and de-listing of shares - Hence, court appointed chartered accountants to look into affairs of company to understand seriousness of allegations made by petitioners - However, respondents did not comply with directions given by Court to furnish relevant particulars to chartered accountants - Whether, conduct of business of respondent-company was oppressive to its members and non-cooperation of respondent-company with chartered accountants, despite series of orders of Court, clearly showed that respondents intended to thwart attempts of Court to do substantial justice to either parties - Held, yes - Whether facts, as presented, clearly made out a case for Court to direct Central Government to order investigation into affairs of respondent-company, more particularly in view of fact that respondent-company had not furnished information in respect of its affairs, which it was reasonably expected to furnish - Held, yes [Para 15]
No comments:
Post a Comment