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2016 (7) TMI 1155 - HC - Companies LawWinding up proceedings - Held that:- No attempt has been made in the present proceeding to show how the materials now being relied upon so substantially undermine the findings in the previous orders as to justify a modification of those directions. The letters are part of the record; ABN Amro’s explanation is of no consequence, given that DAAI had remitted the amount towards services rendered. In the opinion of this Court, the learned Single Judge cannot be faulted for refusing to vary the directions in the previous order, because the materials - i.e. income tax orders, unrelated Company Law Board proceedings, etc. do not show that the basis or substratum of the previous judgment has eroded. The Company Law Board proceedings do not concern the viability of DAIL; they relate to the management of other companies and the alleged misfeasance of individuals including Palaniswamy; he appears to have been incarcerated for some time. The orders made in criminal proceedings, similarly reflect the merits of the contentions made there. Their relevance in determining whether the amounts received in DAIL’s no lien escrow account, which was permitted with the secured creditor’s permission (on the representation that it would be used to receive investor’s contributions) from its subsidiary for services rendered are not really so. As noticed earlier, all indications are to the contrary. The explanation now sought to be given, i.e. that Odyssey made over the amounts to DAAI, as part of a conditional loan, do not detract from the inferences justifiably forming the basis of the previous judgment of 18.11.2005.
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