9911796707
TMI Blog2018 (3) TMI 1609X X X X Extracts X X X X X X X X Extracts X X X X ..... application was furnished to the respondents by the applicant on 20.03.2018. Reply to the application be filed within ten days with a copy in advance to the other side. Rejoinder, if any, be filed within a week thereafter with a copy in advance to the other side. Mr. Ganda, learned Senior Counsel has argued that in pursuance or order dated passed by the Co-equal Bench of this Tribunal M/S. K.G. Somani & Company, Delight Cinema Building, Gate No. 2, 3rd Floor, Asaf Ali Road, New Delhi have been appointed as the auditors of the respondent No. 1 company and on the basis of the audited accounts the schedule of the AGM has been given as under:- S. No. Notice of AGM Date of Director's Report Date of Auditors Report 1. Notice of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2018 for the year ended 31.03.2017 Auditors Report dt. 06.03.2018 for the year ended 31.03.2017 In the audited report the auditors have made the following entries showing the total amount of investment/ shareholding which reads as under:- "SCHEDULE 4: INVESTMENTS AS TAKEN AND CERTIFIED BY THE MANAGEMENT Particulars Nominal Value (Rs.) As on 31st March, 2009 As on 31st March, 2008 Qty. Amount (Rs.) Qty. Amount (Rs.) LONG TERM SHARES AT COST a) Sunair Hotels Ltd. (fully paid-up) 10 42,80,000 4,28,00,000 42,80,000 4,28,00,000 b) Pushpanjali Trexim Ltd. (fully paid-up) 10 3,56,052 1,78,026 3,56,052 1,78,026 c) Vee Tech Software Ltd. (fully paid-up) 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has also been argued that despite incomplete record in material particulars the auditors have proceeded to prepare the audited accounts. The deficiencies pointed out by the auditors (at page 157) and some of them are as under:- "D. Bank balance confirmation certificate/ bank statements as on 31.03.2009 are not available hence bank reconciliation is not verified. E. Lease deed/ sale deed of flat in Mittal Tower Mumbai not available. Hence, ownership is not verified. However, company has membership certificate no. 138 office no. 137/ B of Mittal Tower Premises Co-operative Society Ltd. for five fully paid shares of Rs. 50/- each for which no consideration has been paid by the company and shown in investment at nil value. F. Supporting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficates) rules 1960. IV. Register of contracts, companies and firms in which directors are interested u/ s 301 of companies act, 1956. V. Register of investments u/ s 372(6). VI. Register of director's shareholding u/ s 307. VII. Register of charges u/ s 143(1). VIII.Register of loans and investments 372(A)(5)." It is in the aforesaid facts and circumstances the submission has been made that in the absence of aforesaid significant record no audited account could have been prepared. Mr. Nidesh Gupta and Mr. Arun Kathpalia, learned Senior Counsels have sought to controvert the aforesaid factual position by submitting that in the member register only the shareholding could be shown but as a matter of fact it is investment and t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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