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TMI Blog2020 (3) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... or the records on the file of the 7th Respondent and 8th Respondent; ii. To direct call for the record of payment made regularly by the Petitioner on each of the Chit groups to the 5th and 6th Respondents; iii. To direct the 5th Respondent to disclose the loan amount adjusted from chit group of Petitioner maintained by the 6th Respondent; iv. To direct for the purchase of shares and interest of the Petitioner in the 1st Respondent Company against the transfer of Proportionate extent of land and consequently reduce the share capital of the 1st Respondent Company etc; v. Any documents executed by any of the Respondents alone, without the same being signed by the Directors representing Petitioners, be treated as null and void; vi. To ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2017. In addition, he claims that he is one member out of the total of 3 members of the 1st Respondent Company. Therefore, he fulfils the criterion as prescribed under section 244 of Companies Act, 2013, and as such he is entitled to maintain the present Petition. (3) It is submitted that on 05.06.2012, a Loan Agreement was executed and the Petitioner's Chit Fund Accounts No. PG-1/2 and PG-1/3 amounting to Rs. 2.05 crores held with the 6th Respondents office at Jayanagar Branch was given as collateral for the 5th Respondent and the Petitioner was forcefully made a co-obligant and surety as he was one of the Directors of the 1st Respondent Company and holding 22% shareholding in 1st Respondent Company. In the meanwhile, the 1st and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of the 7th Respondent. Sl. No. Name of the bidder Bid Amount in Rs. 1 Suresh K.A 1,85,00,000 2 Jagadeesh.N 1,70,00,000 3 Gopalakrishnan V 2,00,00,000 The Petitioner aggrieved by the execution Petition filed by the 5th Respondent and consequent to orders passed by the 7th Respondent, has challenged the auction sale proceeding before the Hon'ble High Court of Karnataka in W.P.No. 26759, 26760, 26761/2017. The Hon'ble High Court in the beginning has passed an interim order of stay on the sale proceedings dated 08.05.2017 for a period of four weeks. The Petitioner filed another Petition challenging the sale and auction before the 10th City Civil and Sessions Judge at Bengaluru in original Suit No.4346/2017 and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... maining shareholding was auctioned by the Court of law, and accordingly his shares were transmitted to the auction purchaser. This is indicated in the current shareholding of the 1st Respondent Company as indicated in MGT-7, 2018.Threfore, he ceased to be shareholder of the Company. 4. The Respondent No.8 (Assistant Registrar of Co-operative Societies & Recovery Officer (R-441) has filed Statement of Objections dated 11.06.2019, by inter-alia contending as follows: (1) The Respondent submits that the averments made in the Petition is not maintainable on the ground that the Limitation Act does not apply to the Petition and there is a delay in filing Petition by the Petitioner and on this ground the Petition is liable to be dismissed, as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 25% of the amount awarded who failed to clear the sale and who failed to pay deposit. The Petitioner also challenged the order before the Hon'ble High Court which was pleased to dismiss Petitioner's Writ Petition also. (3) It is stated that this Application is filed before the Authority is to only harass the Respondent by making false allegations whoever recovered money by due process of law and has got nothing to do with any averments made in this Petition. The Petitioner only with an intention to harass the Respondent has filed the above Petition as the other Respondents are his close relatives and his family members only. 5. Heard Shri Sarvotham .P, learned PCS for the Petitioner and Shri Aman.N.L with Shri Aakash Sherwal, lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not in dispute that the Petitioner has suffered different Awards passed by the Deputy Registrar of Co-operative Societies, South Zone, Bangalore City District and Nominee of the Registrar of Co-operative Societies at Bangalore in RCS/04/SOU/1029/2015-16 dated 06.06.2016, RCS/04/SOU/1030/2015-16 dated 06.06.2016, RCS/04/SOU/1031/2015-16 dated 06.06.2016, by directing the Respondent therein (Petitioner herein) to pay different amounts and also granting liberty to the Petitioner to recover the amount by Sale of immovable properties or movables properties attached by the Court. Accordingly, the shares of the Petitioner as mentioned below, are auctioned and transferred to the successive bidder. Sl. No. Shares Certificate Number of Shares Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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