9911796707
TMI Blog2021 (6) TMI 788X X X X Extracts X X X X X X X X Extracts X X X X ..... need to be examined after giving due and fair opportunity to the Respondents - Also, since it seems to be a family dispute and about exercising influence/control over the business, and there are allegations and counter allegations, we are deprived of an objective view of the goings on in the company's day to day affairs. For example, allegations regarding issue of self cheques, unwarranted payments without any explanation for the same, delay in issue of cheques due to the Petitioner's interference etc are allegations that have to be checked on a real time basis, as resultant losses, if any, would be difficult to recover on a subsequent date. Interest of the company is paramount and if the company suffers, all Directors and stakehol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Rule 11 r/w Rule 32 of NCLT, Rules 2016 by inter-alia seeking to appoint an independent auditor/professional for conducting an audit/investigation into the affairs of the Respondent No. 1 company a/w Bright Packaging Private Limited Company and Bright Flexi International Private Limited, for the period 2019-20 to 2020-21. 4. Brief facts of the case, mentioned in all three applications, which are relevant to the issue in question, are as follows: (1) As per the above CAs, there were large scale manipulations on the accounting and financial aspects of the company, siphoning and misappropriation of funds, and manipulation of records etc. The Respondents have been resorting to huge cash transactions, removal of funds through fictitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded to the Applicant. (7) There is deliberate mismanagement to target the Applicant/Petitioner, such as not including him in the raw material planning to avoid excessive buying, and after overstocking prices fell. (8) There has been an attempt to over reach the orders of the Tribunal dated 06.04.2021 by asking customers to credit account of another Bank which is not a party to this petition. (9) There is large scale manipulation of sales quantity, receipt of huge payments in cash to avoid taxes specially GST, for which the modus operandi has been explained. (10) There are fictitious transactions showing purchases without movement of goods. (11) There is manipulation of records to show reduction of freight charges to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver would harm the smooth working of the Company which is a family concern and been in business for many years. He would interfere in the affairs of the family run company. It is stated that since the stay was vacated the Respondents have not done anything against the interests of the Petitioner/Applicant. On the other hand, ever since the stay was granted on various issues on 06.04.2021, it is the Applicant here who has been interfering in the affairs of the company, wants to take over the company by raising false allegations and bringing the matters to this Tribunal. 9. We have considered the submissions of both sides. We are mindful of our orders dated 06.04.2021 and 28.05.2021. It is however seen that the main reason for vacating the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of an objective view of the goings on in the company's day to day affairs. For example, allegations regarding issue of self cheques, unwarranted payments without any explanation for the same, delay in issue of cheques due to the Petitioner's interference etc are allegations that have to be checked on a real time basis, as resultant losses, if any, would be difficult to recover on a subsequent date. Interest of the company is paramount and if the company suffers, all Directors and stakeholders suffer. This cannot be permitted. Hence, it is essential to get a factual report on the goings on in the company. 12. In view of the foregoing, we hereby appoint Mr. K. Dushyantha Kumar, practicing Company Secretary, having office at No. 40 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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