9911796707
TMI Blog2021 (11) TMI 198X X X X Extracts X X X X X X X X Extracts X X X X ..... nt period with regard to the deposit of ₹ 30,00,000/- with an affidavit. Both sides filed affidavit enclosing the bank account details. On-going through the bank account details produced by the respondents, it is seen that the amount in question has been credited to the account of Kerala Trade Centre, which is a separate entity. The Company Petition has been filed against Kerala Chamber of Commerce and Industry as the respondent. The payments have not been made to the account of respondent company, but to the account of Kerala Trade Centre, a joint venture bank account which is maintained and handled separately for the purpose of construction, development and selling of apartments under the brand name 'Kerala Trade Centre'. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Federal Bank, Cheque No. 88650 dated 20.11.2013 for ₹ 4 lakhs drawn on Federal Bank and Cheque No. 18704 dated 30.11.2013 for ₹ 5 lakhs drawn on Federal Bank. The petitioner sent a demand notice dated 12.06.2019 to the Chairman and Board of Directors of the respondent company, but without response. 3. The Respondent filed reply stating that petitioner was the Chairman of the respondent company from 2009-2011. Petitioner was on the Board of Directors from 2000 onwards till 2019. It is during the tenure of the petitioner that the very nature of respondent company was altered and Section 8 company formed as a non-profit, charity-oriented company to protect and promote the welfare of the traders. It was during the tenure of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he affairs of the joint venture project i.e. The Kerala Trade Centre ( KTC ) was managed by the KTC Committee consisting of Members of the Board of Directors of the Respondent Company and the representatives of M/s. Cherupushpam Films Pvt. Ltd. Shri K.N. Marzook who was a director on the respondent company's Board of Directors, was the designated Chairman of the KTC Committee. The KTC matters were managed separately by the KTC Committee, and funds received by the KTC Construction Committee were accounted separately. The Chairman of the KTC Committee was the authorised person and who issues receipts for funds received or spent in connection with the KTC Project. 6. The payments taken from the petitioner were towards purchase of space ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts of the Kerala Trade Centre has been carried out, and this has been certified by reputed and independent auditing firm of Menon Ayyar for the year ended March 31, 2014 vide their Report and Trial Balance dated 24/02/2015. It is seen from entry in Item 4 on Page-3 of the Trial Balance that a sum of ₹ 25 Lakhs is featured under the heading of Advance for Space (Booking Charges) against the petitioner's name. 9. Thereafter the Petitioner issued a number of declarations that were backdated to make it appear that the funds advanced towards booking of space in the KTC are now deposits as follows: a) Declaration dated 20/03/2013 from M/s. B.H. Mammi a partnership firm wherein the Petitioner is the Managing Partner clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r charges of misconduct and violation of oath as Director, Kerala Chamber of Commerce and Industry. Findings: 11. We have gone through the whole case records and heard the arguments advanced by the learned counsel for the petitioner and the learned counsel for the Respondent. We have also gone through the extant provisions of the Code and Rules made thereunder. The contention of the petitioner is that the he has deposited an amount of ₹ 30,00,000/- upon the request of the respondent company for the construction of Kerala Trade Centre. Kerala Trade Centre is a joint venture project managed by the committee consisting of members of the board of directors of the respondent company. Therefore, the respondent owes the responsibility ..... X X X X Extracts X X X X X X X X Extracts X X X X
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