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TMI Blog2014 (6) TMI 846X X X X Extracts X X X X X X X X Extracts X X X X ..... the credits of Respondent No. 1 shall be routed only through the bank accounts with Respondent Nos. 11 and 12 and all the bank accounts except with Respondent Nos. 11 and 12 be closed and the details of all bank accounts other than with Respondent Nos. 11 and 12 be submitted before this Hon'ble Board. Precisely speaking, Applicants under Para 6 (xvi) of the Petition levelled the allegations in regard to siphoning of funds by the Mehra family has been made as under: "That even the due payments to the bankers, i.e. Respondent Nos. 11 and 12 is also not being made by the Mehra family and the Respondent Nos. 2 to 10 are not making due credit submissions with the bankers and on the contrary, are making credit submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the bank accounts of Respondent No. 1 is unauthorised and also, there are other bank accounts that have been opened by the Mehra family which has not been disclosed to the Applicants or the Bankers. 2. In the reply, the Authorised Representative of Respondent No. 1 has stated that the Petitioners are holding only 3.07% shareholding and the Petition is maintainable on the strength of number of shareholders i.e. 3 out of 12 shareholders. Further, it has also been submitted that the Petitioners have misled the Hon'ble Board that business was started in partnership with Mehra Group. On the contrary, the Mehra Group is third generation in business and Petitioners, being relatives and unemployed were given employment in the Rajit Group ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nking channel with proper records in the book of account of all the three companies. To clarify further, it has been stated that M/s Neeta Chemicals (India) Pvt Ltd. has supplied raw material to R-9 (Rajit Paints Limited) who is passing through a difficult phase and was not in a position to make the payment and there are litigations. On the other hand, R-9 is to take money from R-1 and R-1 agreed to make the payment on monthly instalments. Therefore, as per the request of R-9, MOU was executed whereby R-1 is to make payment directly to M/s Neeta Chemicals (India) Pvt. Ltd. In addition, it has been replied that R-1 was having a spare car and the Board of Directors has decided to sell the same to meet the part of its liabilities of R-9 as a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent No. 1 of its assets and also, issuing cheques from secret accounts for other companies' liabilities. 4. The Respondent Advocate has extended the argument that it is within the powers of Board of Directors to open the bank accounts in the interest of the company. Besides, it has been stated that the company is not indulging in diversion of funds. Further to this, the Respondents Advocate has adopted the contents of their reply for arguments also. 5. Having gone through the contents and the averments made in the Company application, Reply and arguments written and oral it is observed that Mehra family is controlling the affairs of Respondent No. 1 company and the bank accounts have been opened in the name of the Respondent com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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