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2020 (6) TMI 763 - NATIONAL COMPANY LAW TRIBUNAL, PRINCIPAL BENCH, NEW DELHIOppression and mismanagement - siphoning of funds - company's money siphoned by giving interest free loans to various persons and thereafter paying out extra money to related parties - HELD THAT:- It appears that the respondents' side, by way of loan as well as by way of preference, already invested more than ₹ 10 Crore into the company, but the petitioners by just putting in ₹ 25,000 in the year 2013, which is only 0.02% of the total paid up capital, trying to stall the company from carrying its functions by filing this petition via number qualification u/s 244 of the Companies Act 2013. When it comes to merit, prima facie as it appears on record, it is a real estate company governed by RERA and has been mandated to release possession of the flats on phase wise, unless money comes into the company, it will become difficult to complete the project and to get the remaining balance that is to come from the home buyers. As to this aspect, the respondents' counsel has categorically mentioned that unless this project is finished on time and possession is given on time to the respective home buyers, the company will not get the remaining payment that is around ₹ 69 Crore from the home buyers - to show debt equity ratio to the creditor banker, it is necessary to raise equity to sustain and survive the company. For this reason alone, the company has issued notice to proceed with rights issue by not only notifying it to the petitioners but also by offering them to invest on pro rata basis. Thus, there are no unfairness prima facie to grant stay as sought by the petitioners, therefore it is made clear that the Respondents are free to proceed with rights issue and with a direction to the Respondents side to file reply within four weeks hereof, rejoinder if any by the petitioners within four weeks thereafter - List this main company petition for main hearing on 20.08.2020 by cancelling the date 23.06.2020 earlier given.
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