Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2010 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (12) TMI 1064 - HC - Companies LawWhether the company through Shri Bhailalbhai Patel has got any prima facie evidence of the involvement of the petitioning creditor in the matter of siphoning off the fund of the company during the period of May, 2007? Held that:- The petition, at the instance of the petitioning creditor appears to have been instituted mala fide at the behest of Shri Ushakant Patel and Dipen Patel with a view to circumvent the orders of the apex court, this court as well as the Company Law Board. It might also be instituted mala fide with a view to frustrate the various proceedings pending either before the apex court, this court and the Company Law Board. The object of the petition might be to upset and disturb the working and the growth of the company, at the instance of the directors who are alleged to have siphoned off huge monies of the company under the umbrella of the orders that may be passed in the present petition. Apart from this, the company is undoubtedly making profits and in fact, the profits have increased manifold since January, 2007 when the day-to-day management and control came in the hands of Shri Bhailalbhai Patel.The petition, therefore, filed by the present petitioning creditor, who is alleged to be prima facie involved in siphoning off of the funds of the company, in collusion and connivance with the former management and also alleged to have drained the company of its finances, is, therefore, liable to be dismissed. Accordingly, the petition is dismissed. Notice discharged without any order as to costs.
|