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TMI Blog2019 (1) TMI 1576X X X X Extracts X X X X X X X X Extracts X X X X ..... o, Advocate For Respondents: Mr. Parvez Nainwadi, Assistant Director, Legal And Prosecution for R-1., Mr. Vikash Kumar Jha And Mr. Karan Khanna, Advocates for R-2, R-3 and R-4 ORDER Heard Mr. Rao, learned counsel for the Appellant and Mr. Parvez Nainwadi, Assistant Director (Legal & Prosecution) for 1st Respondent. Due to mis-management of 'Infrastructure Leasing & Financial Services Limit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stage, we cannot hold that alleged accounts of the companies were prepared in a fraudulent manner, because investigation is still pending. In our earlier order dated 1.10.2018 on the basis of prima facie report that the affairs of the company were mismanaged during the relevant period and that the affairs of the company and subsidiary companies were being mismanaged during the relevant period and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directions to Central Government to appoint such person / firm as the Chartered Accountants to recast the accounts / financial statements of all the three companies, i.e. Infrastructure Leasing & Financial Services Limited (R1), IL&FS Financial Services Limited (R2) and IL&FS Transportation Networks Limited (R3) for the past five financial years, viz. from Financial Year 2012-13 to Financial Year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d sought for time, but the Tribunal proceeded with the impugned order. According to him, the provision of Section 230 is Draconian Section introduced in Companies Act, 2013. However, such submission cannot be accepted till any person challenges the provisions before the Court of Competent Jurisdiction such as the Hon'ble High Court and the Hon'ble Supreme Court. Even if it is accepted that the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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