9911796707
TMI Blog2024 (5) TMI 1450X X X X Extracts X X X X X X X X Extracts X X X X ..... r - manipulation of books of account and siphoning of funds - fabrication of valuation report - HELD THAT:- The Ld. NCLT had rightly observed there was nothing on record to suggest Respondent No.7 was a necessary and proper party or was required to be summoned as a Respondent only for confirmation of his valuation report, when such valuation report in fact was never denied by the Respondents excep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ership. It is alleged the Respondent No. 3 has been continuously doing manipulation of books of account and siphoning of funds under the guidance and connivance of Respondent No. 6. In August, 2021 the Respondent No. 3 prepared a Business Separation Agreement and it was duly executed. It is alleged such agreement was highly loaded in favour of Respondent No. 3 and it came into effect from 16.08.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n report given as there is nothing on record which reflects that valuation has been denied by contesting Respondents. At this stage, learned Counsel, Mr. Dhiren Dave interrupt in the order dictation which is not appreciated by this Bench. It is clear cut abuse of process of law on the part of the petitioner by impleading an unnecessary party in the matter. We direct the petitioner to deposit Rs. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Respondent No. 7 before the Ld. NCLT was a necessary and proper party to which he has referred to a copy of the Company Petition No. 29 of 2022 wherein in the relief it is noted Respondent No. 3 and 4 therein be ordered to make payment of consideration of transfer of shares as per the valuation done by Respondent No. 7 in lieu of the business separation agreement. In reply of Respondent it was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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