9911796707
TMI Blog2020 (2) TMI 194X X X X Extracts X X X X X X X X Extracts X X X X ..... : Mr. Aditya Verma And Mr. Shrey Patnaik, Advocates. JUDGMENT DR. ASHOK KUMAR MISHRA, TECHNICAL MEMBER The present Appeal has been preferred by the Appellants i.e. Universal Heat Exchangers Ltd and 6 others under Section 421 of the Companies Act, 2013 against the impugned order of National Company Law Tribunal (for short "Tribunal") Chennai Bench vide order dated 10th July, 2018 in T.C.P No.96/2016 (C.P No.42/2012) passed under Sections 111, 237, 397, 398, 402, 403 & 406 read with Schedule XI of the Companies Act, 1956. 2. The Appellants are aggrieved by the Tribunal order particularly with respect to set aside the allotment of shares made on 09th April, 2007 and 27th September, 2010 and to refund to the concerned allottees the amount r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of closely held public limited Company and the Appellant Company is engaged in the business of manufacturing and undertaking execution projects in the field of mainly Heat Exchangers, Condensers, and Evaporator etc. The Appellants have submitted that the Respondents were aware of the Extraordinary General Meeting (for short "EGM") and also aware of valuation done by the Appellant Company including Annual Returns filed in the year 2007 and Form No.23 for the special resolution passed on 27th September, 2010. It has also been pointed out that the said Appeal was filed before the Company Law Board, Chennai on 17th April, 2012 only in spite of being aware of all the material facts the challenge to the allotment made on 09th April, 2007 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.96 Crores but the same year the Company has granted loans to parties covered under Register maintained under Section 301 of the Act to the extent of Rs. 4 Crores. b) Similarly in the year 2010-11, the Appellant Company has taken loans from interested parties to the tune of Rs. 16.20 Crores and has diverted these funds. The Respondents are alleging siphoning of funds by the Appellant Company and the Directors. c) They have also alleged that selling price per unit that has came down drastically and not the raw material prices have gone up. The average selling price per Unit of Oil Collers etc., was Rs. 1,58,623/- for the year ended 31.03.2010, whereas it was Rs. 1,11,102/- for the year ended 31.03.2011, registering a decline of Rs. 47,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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