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TMI Blog2021 (4) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... ted as under. One Sri Vishwanath Parsharm Bedekar of the Konkan Region came to Mumbai somewhere around 1905 and put up a grocery shop in Mumbai. His son Vasudeo Vishwanath Bedekar joined him around 1911. Despite their joint efforts and toil, the enterprise did not thrive. Vasudeo started manufacturing 'spices and pickles' about a decade later and was endowed with handsome returns. By 1925 the flourishing business came to handled by V. P. Bedekar and Sons, a HUF consisting of Vishwanath and his four sons namely Vasudeo, Govind, Vishnu and Gajanan. Subsequently, around 1940, the patriarch Vishwanath and his sons started a Partnership Firm which went by the name of V. P. Bedekar and Sons, a closely held family partnership firm. The Firm carried on the successful business of manufacturing 'pickles and spices'. On 27th February 1943 a Company limited by shares in the name of V. P. Bedekar and Sons Private Limited was formed. It took over the operations of the Partnership Firm V. P. Bedekar and Sons. The Company, incorporated under the Companies Act 1913 as a Private Limited Company is the present Applicant No. 1. The Company Petitioner No. 1 and Respondent No. 2 (Applicant No. 2 herein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rests in any immovable property including plant and machinery, it may be done only after obtaining prior permission of this board." 5. Subsequently the Hon'ble High Court of Bombay by an order dated 13th October 2016 (clarified on 21st October 2016) recognizing the Company's need for external funds passed the following order: a. If the Bank of Baroda disburses any funds under the Sanction Order the Applicant may use part of the disbursal for payment of Income Tax but only if the said bank in its discretion permits. The Bank of Baroda will be at liberty to remit such amount of tax directly to the revenue on behalf of the Appellant. b. The Company Application is disposed of in the above terms. c. In view of the disposal of the Company Application as above. Nothing survives in the Company Appeal. Accordingly, this Company Appeal is also disposed of as not pressed in view of the consent orders passed today. d. The Appellant shall remove office objections within one week from today failing which this order will stand vacated. e. In view of the fact that the Company Petition No. 26 of 2014 is still pending for final disposal before the National Company Law Tribunal and is sche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the Company Law Board dated 15th February 2016 shall stand modified to the extent indicated above. The Respondent shall be at liberty to inspect the books of accounts of the Company after giving two days' notice. c. The above arrangement will operate until the next date of hearing of the Company Application and shall be without prejudice to the rights and contentions of the parties. 8. Meanwhile the matter got transferred to the Tribunal. It is contended by the Applicants that on account of outbreak of Covid-19 Pandemic and the resultant lockdown, there has been a complete shutdown of business activities. Closure of shops and allied establishments, transport services and distribution channels have also been severely impaired. These unprecedented circumstances brought the business of the Applicant No. 1 Company to a standstill and of late has hit its nadir. The Company's largest manufacturing unit in Valsad, Gujarat came to be shut down as it was declared as a containment zone. Due to various restrictions resulting from the pandemic, the Company has not been able to resume its operations. In spite of the fall in revenue the Company continues to incur expenses towards f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dversely affect all shareholders including the Company Petitioners and its stakeholders. The Applicants accordingly, seek the following reliefs: a. This Hon'ble Tribunal be pleased to pass an order permitting the Applicant No. 1 Company to avail secured and unsecured loans for the purposes of its business as per borrowing limits and security approved by the majority of the board of directors of the Applicant Company. b. This Hon'ble Tribunal be pleased to pass an order permitting the Applicant No. 1 Company to avail the credit facilities offered by Janata Sahakari Bank Ltd., Pune by offering the bank such security as is referred to in the Sanction Letter dated 4th December 2019. c. For interim/ad-interim reliefs in terms of prayers (a) and (b). d. For the costs of this Application. e. Such other and further reliefs as this Hon'ble Tribunal deems fit and proper in the facts and circumstances of the case. 11. Respondents (the Company Petitioners) filed reply to the Application objecting to the prayers sought. It is contended that the present Application is a ruse to camouflage the fiscal mismanagement perpetuated by the Applicants. The mismanagement and squandering away of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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