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TMI Blog2020 (2) TMI 1462X X X X Extracts X X X X X X X X Extracts X X X X ..... 38, Sree Priya, Koorkkanchery, Thrissur, is appointed from the panel of names suggested by the applicant and CA Suresh T. N., M/s Salitha Suresh, 40/7383, Meenakshi Estate, Rajaji Road, Ernakulam, from the panel of names suggested by the respondents, as two independent auditors to individually undertake true and fair value of shares of the Respondent Company as on 07.12.2017. The Auditors are directed to submit the valuation report within a period of 45 days from the date of this Order to the Respondent Company. Thereafter, the entire process delineated in the NCLT, Chennai Order dated 07.12.2017 should be complied within 12 weeks by the parties - The fee for valuation of respondent company will be borne by the respondent company itself. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 3 Others (Hereinafter called as Company ) under Sections 397 and 398 of the Companies Act, 1956. 2. By Order dated 07.12.2017 in TCP No.67/2016, the NCLT, Chennai Bench, substantially allowed the Company Petition filed by the applicant herein. The NCLT Order dated 07.12.2017 read as follows: Keeping in view the totality of circumstances and the intention of the parties, it is proposed to appoint an independent auditor within three weeks of passing this Order, with the consenses of the Board of Directors comprising of 1st Petitioner and 2nd Respondent, failing which, this Bench on mention by any of the Directors, shall appoint the independent Auditor out of the names, if suggested, by the parties, who (Independent Auditor) shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e issue open to this Bench to finalise the proceedings with respect to the aforesaid Order dated 04.04.2019. MA/31/KOB/2019 IN IA/280/2019(Chennai Bench) in TCP/67/2016 6. We found that MA/31/KOB/2019 in IA/280/2019(Chennai Bench), filed by K.J.Paul and others against Sea queen builders Pvt. Ltd. and others for necessary directions. However, it was found that the said MA is defective, and the applicants have not pressed for hearing. However, in the meantime, the petitioners in the main Company Petition has filed IA/36/KOB/2020. IA/36/KOB/2020 IN TCP/67/2016 (Chennai Bench) 7. The petitioners in the Main Company Petition TCP/67/2016 are the applicants in this IA. The applicants herein sought for the following reliefs: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -12 with respect to the appointment of 1st applicant as the Managing Director and other statutory forms with regards to the removal of 2nd and 3rd respondent from the Directorship of the Company before the Registrar of Companies (ROC), in compliance with the directions of NCLT, Chennai Bench dated 07.12.2017. 10. The learned counsel for applicant clearly stated that only after filing these DIR Forms, the 1st applicant will be registered as authorized signatory in the MCA Portal to function effectively as per the orders passed by the NCLT and Hon ble NCLAT. Therefore, filed this application for above mentioned reliefs. 11. The applicant further submitted that pursuant to the Order of the Hon ble NCLT, as the parties were unable to reac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LT, Chennai Order dated 07.12.2017 should be complied within 12 weeks by the parties. (ii) The fee for valuation of respondent company will be borne by the respondent company itself. (iii) Shri.K.J.Paul, Respondent No.1 in this I.A is directed to file the requisite statutory forms immediately, including those relating to the appointment of the 1st applicant as the Managing Director, change in the designation of the Respondent No.1 from Managing Director to Director and removal of the Respondent No.2 and Respondent No.3 from the directorship of Respondent No.4 Company. He is also directed to participate in the Board Meetings in future and extend his co-operation for the smooth conduct of business of the respondent company. Accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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