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TMI Blog2019 (4) TMI 1894X X X X Extracts X X X X X X X X Extracts X X X X ..... as nominee directors by the Central Government/Tribunal, or independent director, therefore, there is no need to appoint independent director during the moratorium period. It also appears that when the company is facing such a financial crisis/other problem, it may be difficult to find out eminent/suitable independent directors. In exercise of powers under section 242(2) and (4), we grant dispensation regarding the appointment of independent directors and women directors. However, best efforts should be made to appoint more independent/women director in each company, so as not to deprive of their participation in the board. The prayer for dispensation for appointing the company secretary cannot be granted hence rejected. - M. A. Nos. 1576, 1577 and 1054 of 2019 in C. P. No. 3638 of 2018. - - - Dated:- 26-4-2019 - V. P. Singh (Judicial Member) And Ravikumar Duraisamy (Technical Member) For the Petitioner : Sanjay Shorey, Joint Director (Legal and Prosecution), Manmohan Juneja, Regional Director, Western Region, Meghav Gupta Company Prosecutor, and Rakesh Tiwari, Registrar of Companies, Mumbai For the Respondent : Ashish Kamat, Aditya Sikka, Ms. Neelakshi Bhadauria, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw Appellate Tribunal, vide its order dated October 15, 2018 in Company Appeal Nos. 346 and 347 of 2018. The matter is still sub judice before the hon'ble National Company Law Appellate Tribunal. The petitioner further states that based on the SFIO's interim report dated November 30, 2018 the petitioner immediately sought impleadment of further respondents in Company Petition No. 3638 of 2018. These respondents were persons named as accused in the SFIO's interim report dated November 30, 2018. Union of India also sought certain reliefs under sections 242(4) and 246 read with section 339 of the Companies Act, 2013 against the additional respondents, namely, Hari Sankaran, Arun K. Saha, Ravi Ramaswami Parthasarthy, Vibhav Kapoor, K. Ramachandra, R. C. Bawa, Pradeep Puri, S. Rengarajan and Mukund Sapre. Interim reliefs were sought by the petitioner against the said respondents among other things seeking disclosure of moveable and immovable properties/assets and further restraining them from mortgaging or creating charge or lien or third party interest or in any way alienating, the moveable or immovable properties owned by them, including jointly held properties. 4. It i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of the order of hon'ble National Company Law Appellate Tribunal and by implication of that order, a sum of ₹ 2 lakhs per month can be withdrawn from the bank account after intimating the Tribunal. The hon'ble National Company Law Appellate Tribunal has further prohibited from withdrawing any further amount from the said or any other account. 22. Thus the interim order passed by us, which is sub judice before the hon'ble National Company Law Tribunal can only be clarified or further modified by the appellate court only. M. A. No. 126 of 2019 is disposed of accordingly. Copy of the order dated January 16, 2019 passed by this hon'ble Tribunal in M. A. No. 126 of 2019 in C. P. No. 3638 of 2018 is annexed here with annexure A6. 3. That under directions issued by this hon'ble Tribunal vide its order dated December 3, 2018 the applicant-petitioner through letter No. RD(WR)/Legal/IL FS/2018 dated December 6, 2018 forwarded the same to the Indian Banks' Association (IBA) for onward circulation to all banks to ensure necessary compliance of the orders of this hon'ble Tribunal. Consequently, the applicant-petitioner also received confirmation fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No./ Locker No. Branch 1. Axis Bank 007010100451192 Safdarjung Enclave, New Delhi 2. Axis Bank 007010100452007 Safdarjung Enclave, New Delhi 3. Axis Bank 917010046057552 First holder-Aakanksha Bawa Second holder Ramesh C. Bawa M-61, Kalkaji, New Delhi 4. ICICI Bank 002901061865 W-57, Greater Kailash, Part I, New Delhi-110 048 (b) From the details received, it has been noticed that regarding account No. 007010100451192 in Axis Bank, Ramesh C. Bawa (respondent No. 315 in C. P. No. 3638 of 2018) has withdrawn a total sum of ₹ 1,14,93,053.12 between December 3, 2018 to April 12, 2019 which includes ₹ 1 crore on December 3, 2018 itself, ₹ 3,22,666 for his American Express credit card payment on December 3, 2018, ₹ 25,000 for his credit card payment on December 3, 2018, ₹ 12,750 on December 5, 2018 4 withdrawals of ₹ 1,03,695 each for his EMI on Decembe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Standard Chartered Bank. The Axis Bank has reported that Locker No. 3074 has been operated 4 times since the date of the order dated December 3, 2018, i. e., on December 3, 2018, December 4, 2018, December 10, 2018 and March 27, 2019. Further, vide letter dated April 20, 2019 Standard Chartered Bank Ltd., has provided information regarding the operation of locker account by Mr. Ramesh C. Bawa (respondent No. 315 in C. P. No. 3638 of 2018) or his wife Ms. Asha Kiran Bawa, which locker is jointly held by them. It is pertinent to notice here that the locker has been operated twice since the date of the order dated December 3, 2018, i. e., on December 3, 2018 and December 10, 2019. This indicates that the lockers which are jointly held by Ramesh C. Bawa (respondent No. 315 in C. P. No. 3638 of 2018) and his wife have been operated in complete disregard to the directions were issued by this hon'ble Tribunal vide its order dated December 3, 2018. (i) ICICI Bank has informed that Ramesh C. Bawa (respondent No. 315 in C. P. No. 3638 of 2018) has an account with No. 002901061865, on which there is a debit freeze. However, it is pertinent to note that Ramesh C. Bawa (respondent No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of India, MCA and perused the record. On perusal of the record, it is clear that the amount from the account of Ramesh C. Bawa (respondent No. 315) has been transferred to the account of his daughter Ms. Aakansha Bawa on December 3, 2018, i. e., after the knowledge of the application and the order passed by this Tribunal. It is also clear that they have operated the locker in respect of the restraining order passed by this Bench on December 3, 2018 and January 16, 2019. Since the substantial amount from the account of respondent No. 315 has been transferred to the account of his daughter and wife and the applicant alleges that the alleged that amount which has been transferred, has been siphoned off from the company, in the circumstances, for proper adjudication of the case, we hereby allow M. A. No. 1576 of 2019 and pass an order for impleadment of Mrs. Asha Kiran Bawa and Ms. Aakansha Bawa as respondents Nos. 319 and 320 in the original Company Petition No. 3638 of 2018. 9. M. A. No. 1576 of 2019 is disposed of accordingly. M. A. No. 1577 of 2019 10. On perusal of the record for M. A. No. 1577 of 2019, it appears that the amount which was lying in the account of res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18 under sections 241 and 242 of the Companies Act, 2013 on the ground of oppression and mismanagement of respondent No. 1. In the said petition, the petitioner had, inter alia, sought relief that the then existing board of directors of respondent No. 1 be superseded by a fresh board of directors in terms of section 241(2) read with section 242(2)(k) of the Companies Act, 2013. 17. By order of this Tribunal dated October 1, 2018, the then existing board of directors was superseded and appointed six of the eight newly appointed directors in place and by order dated October 3, 2018, seventh director was also appointed by this Tribunal. 18. On the application filed by the petitioner, by order dated October 5, 2018 this Tribunal was pleased to grant the following immunities/protections, as described in our order dated October 5, 2018 : (i) the seven appointed directors shall not suffer any disqualification under the Companies Act, 2013 on account of defaults com mitted by suspended directors of the respondent ; (ii) no action should be initiated against the seven appointed directors for the past actions of the suspended directors or any of the officers of respondent No. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from promoter directors or nominee directors. 24. In the present case, the applicant has stated that the newly appointed directors who will exercise control, directly or indirectly across the companies comprising respondent No. 1 group have been appointed under the authority of this Tribunal on the recommendations of the Central Government. 25. The petitioner further states that the newly appointed directors are discharging an important public duty of resolving the financial problems and other issues arising from mismanagement of respondent No. 1 group as a whole by the earlier board of directors of respondent No. 1. 26. The petitioner further states that the newly appointed directors who exercise control over companies comprising respondent No. 1 (directly or indirectly, partially or wholly) are performing functions similar to that of independent directors on the companies in respondent No. 1 group. 27. Based on the above facts, the applicant has prayed that it is just necessary, convenient and in the interest of justice to dispense with the requirement for appointing independent directors on the board of companies where such independent directors are required. 28. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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