9911796707
TMI Blog2017 (8) TMI 868X X X X Extracts X X X X X X X X Extracts X X X X ..... s Ltd. UK and M/s Interactive Solutions Pvt. Ltd. having its registered office at 101, South Delhi House, 12, Jamadpur Community Center, New Delhi with an authorized share capital of Rs. 5 lakh divided into 50,000 equity shares of Rs. 10/- each. The aims and objects of the respondent company are given in the Memorandum and Articles of Association. The certificate of incorporation, memorandum and article of association are annexed to the petition. The share capital is fully subscribed by Ms.Indira Sehgal, Ms.Harinder Kaur and Mr.Kartik Sehgal. Pursuant to the incorporation these three person along with one Mr.Vijay Kumar Chandra were appointed as directors. 3. The petitioners are the founder director of one M/s SMX Technologies Ltd. UK enga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited. Thereafter a fresh certificate of incorporation was issued on 02.05.2002 under Section 23 (1) of the Companies Act, 1986. The Memorandum and Articles of Association was filed with the Registrar of Companies subsequent to change in name. Subsequent to execution of Memorandum of Understanding, the share holding of the Respondent Company was also restructured and Petitioners were allotted 1500 shares each on 27.05.2002. 7. Apart from participation by way of purchase of equity and contribution of funds so as to enable the Respondent Company to commence business operation, the agreement arrived at and entered into does not spell out a larger role for the Petitioners. As far as control and management of the day-to-day affairs of the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he representation to be true the Petitioners invested a considerable amount both in terms of time, money and business connections. It is only now that the Petitioners have discovered that Mr Sehgal had no genuine desire to do any business and had only caused for the incorporation of the Respondent Company in order to give effect to illegal designs and defraud the Petitioners. 13. Mr Sehgal in July 2002, introduced the Petitioners to Mr. Ajay Singh, Chief Organizing Officer of a company in the name of Electrocare Solutions Pvt. Ltd having its registered office at 197, Park Street, Calcutta. 14. SMX Technologies Limited, UK wanted to purchase Hard Disk Drives. On the insistence of Mr Sehgal, order for purchase of the same was placed on Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Indian Penal Code has been filed on 25.08.2003. 17. Apart from cheating, the Petitioner have also uncovered other irregularities in the conduct of affairs of the Respondent Company. 18. The Petitioners have now discovered much to their surprise that they have been shown as Additional Directors in the Respondent Company which is contrary to the agreement arrived at between parties and according to which they were to be Directors in view of their shareholding in the Respondent Company. 19. Mr Kartik Sehgal has also not filed any annual returns and / or balance sheet for the period ending 31.03.2002 or 31.03.2003 with the Registrar of the Companies. 20. In the circumstances, the Petitioners now have no faith and confidence in Mr Kartik Seh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets. Similar affidavit dated 02.09.2014 by Mr.Sachin Duggal, the ex-director was submitted. The default notice was issued to Mr.Jonathan Edward Chales Grange, ex-director on 01.10.2014 but it could not be served since his address was not found. The fund position of the company in liquidation is Rs.-4,664/- as on 17.04.2017 and hence due to its abysmal fund position, no claims were invited. No claims even otherwise were received by the Official Liquidator. The Division Bench in company application No.34/2014 vide its order dated 07.12.2015 allowed moving of application under Section 481of the Companies Act, 1956 in the present case. 22. There are no assets in the hands of the Official Liquidator and as per the principles laid down by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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