9911796707
TMI Blog2017 (8) TMI 868X X X X Extracts X X X X X X X X Extracts X X X X ..... ioning that the company is having no liability, creditors or 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 481 of the Companies Act, 1956 in the present case. This Court vide its order dated 03.02.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncorporated under the Companies Act, 1956, is a joint venture of M/s SMX Technologies 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 ₹ 5 lakh divided into 50,000 equity shares of ₹ 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 dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nging the name of the company from M/s Interactive Solutions Private Limited to SMX Technologies (India) Private 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich is a family held company is very keen on doing business with the Petitioners as they shared the same vision. Believing the 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 Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Hongkong and Shanghai Bank. 16. On the basis of investigation conducted, charge-sheet under Section 406, 420, 468, 471 and 120B of the 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 31.03.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 when Mrs.Indira Sehgal and Mr.Kartik Sehgal submitted an affidavit dated 13.08.2014 mentioning that the company is having no liability, creditors or 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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