9911796707
TMI Blog2021 (8) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... 9.54% stake in the Respondent no. 1 company. The other group headed by Mr. Shudhir Gupta, the younger brothers of Mr. Shushil Gupta & another, holds about 3.25% directly in the respondent company, but at the same time a company called DESPO Limited, in which both the group hold about 46%. Without going too much into the merits of the case, on hearing the contention raised by Dr. Abhishek Singhvi, Senior Advocate from Supreme Court of India on behalf of the petitioner and Mr. Virender Ganda, Senior Advocate on behalf of the respondent, this Tribunal had felt that lot of mud is being thrown at each other for the present poor status of the company. It is an admitted fact that about 600 employees are working in the company and there seem to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in which the petitioner Mr. Sandeep Gupta had written to the bank that he is capable of purchasing the entire loan component within a period of 365 days, which goes to show that the company is sick but the promoters are financially strong. This further rises the questions as to who, actually, were at the helm of affairs of the company when Mr. Shushil Gupta was projected as the CMD of the company and why the blame was thrown on Mr. Sudhir Gupta, who is the respondent no. 2 in the petition. These are the questions which are required to be answered by the parties only on producing relevant documents, in support of their contentions. Apart from that there is any amount of duty cast upon this Tribunal in the public interest to gather the inform ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2021 wherein an application for waiver is also still pending and the said order can only be passed after granting the waiver in favour of the petitioners. 3. As records the contentions on behalf of the respondent's senior counsel Mr. Virender Ganda, the letter containing confidential information which has been produced before this Bench wherein Mr. Sudhir Gupta had marked a copy of the same to Mr. Arun Sharaf is admitted. At the same time it is categorically stated that it is by mistake the same has been sent to Mr. Sharaf. As regards the appointment of Commissioner on a fact finding mission there is no objection on their side. 4. Now, the point that falls for consideration is whether this Bench is vested with the power to appoint an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to regulate the affairs of the company and the wife of Mr. Shushil Gupta is not taking cognizance of any facts. It appears the institutions are proceedings against them and the Hotels are closed and the situations is becoming bad to worse. Even after taking cognizance of these issues which are brought to our knowledge, in the course of hearing by both the parties, if this Bench does not make any efforts to get the real factual position in the best interest of the company or in the public interest for the reason that the public money involved and there are public shareholders, the purpose of adjudication by this Tribunal will not be served. 6. In view of the same this Bench consisting of both the members deliberated on this issue after tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to give the Commissioner, access to the records of the company and provide proper information as required by him. A fee of Rs. 5 lacs is fixed to be payable to the Commissioner which is required to be shared by both the parties equally. The commissioner is duty bound to furnish his report within two weeks from the date of receipt of this order in a sealed cover, without providing the copies of the same to either of the parties or any third person. 9. As regards the allegation of sharing the confidential information by Respondent no. 2 with third party, in view of the regret expressed by the Respondent no. 2 in his letter, we do not want to pass any order but at the same time, we hereby direct both the parties not to share any confidential ..... X X X X Extracts X X X X X X X X Extracts X X X X
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