9911796707
TMI Blog2019 (2) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... .D1-67, Sector-2, Area 120 Sq.Yards situated in village Sheelki Dungri Tehsil Chaksu, District Jaipur, Rajasthan. 2. The case of the applicant is that the property in question was purchased by the applicant on 10.12.2009 by a registered sale deed. In August 2018 the applicant came to know regarding pendency of the present case and regarding auction proceedings. It is pleaded that the Official Liquidator has not brought the correct and complete facts before this Court and is seeking to get the entire land of the respondent company including the land of the applicant auctioned through public auction. The property in question was published for sale by a composite sale notice issued on 31.1.2018. It is pleaded that the applicant is the owner o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As per the revenue records the property stands registered in the name of the respondent company. 4. I have heard learned counsel for the parties. Learned counsel for the Official Liquidator has submitted that the present application cannot be allowed and the sale deed is a fraudulent document and cannot be relied upon for the following reasons:- (i) The land in question has not been demarcated. It is an agricultural land and is lying vacant. An area of about 1.85 hectares cannot be utilised by sale to pay off the debts of the respondent company on account of this erroneous claim filed by the applicant claiming 120 sq.yards of the land. (ii) It has been pleaded that as per the photocopy of the sale deed which is placed on record the sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the respondent company, namely, Shri Rajiv Sharma. Shri Vikas Dangi and Shri Deepak Chaudhary. The position they were holding in the company is not known. There is no resolution of the Board of Directors authorising them to sell the land of the respondent company. The applicant is completely unaware of these important facts. 8. Though the sale deed mentions that a consideration of Rs. 1,20,000/- has been paid to the respondent company but there are no details as to how this payment was made. The OL has specifically raised an objection that the sale deed does not record how the payment was made. The applicant after having filed the application has filed copies of three receipts of the respondent company showing receipt of payment being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. Fourthly, the OL has specifically relying upon the valuation report prepared by the Authorised Valuer pointing out that the land in question remains in the name of respondent company in the revenue records. The applicant has not claimed that the land is mutated in his favour in the revenue records. Fiftly, the land in question is a consolidated land measuring 1.85 hectares. There is only one solitary case received by the OL where it is claimed that the sale deed of 120 sq. yards was executed in favour of the applicant/claimant. There is no other individual claim of sale of plot in this manner. The land is also not demarcated and is agricultural land. 9. Keeping in view the aforesaid facts, I may now look at certain provisions of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been valid if that regulation had not been made. ............ Section 293 - Restrictions on powers of Board (1) The Board of directors of a public company, or of a private company which is a subsidiary of a public company, shall not, except with the consent of such public company or subsidiary in general meeting, - (a) sell, lease or otherwise dispose of the whole, or substantially the whole, of the undertaking of the company, or where the company owns more than one undertaking, of the whole, or substantially the whole, of any such undertaking; ................ 10. A company can only act through the authorisation received from the Board of Directors while effecting sale of an immovable property. In the present case the applicant h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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