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2020 (11) TMI 58 - NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCHOppression and mismanagement - siphoning of funds - Section 242 of the Companies Act, 2013 - It is alleged that Respondents 2 to 4 have done gross violation of laws and fabricated various documents with the forged signature of Petitioner as well as other directors of the company from time to time with the sole motive to grab the control of the company and to siphon off the funds of the company, which lead the company into various litigations - HELD THAT:- Without giving any opportunity to the Respondents to submit their explanation or to submit rebuttal/confronting document as per the principle of natural justice. Hence, the issue in involve in the Present Company Petition needs to deal with as per material available on record and on its merit. It is also matter of record the petitioner has made some short of vague allegation but has not established the actual damage quantify the amount of loss by giving cogent reasons and material proof of liability of such alleged loss, which caused alone by present Respondents and no one else. Thus, it may be seen that the Petitioner made allegation stating that Respondents were in illegal possession of the R-1 Company's Bio Medical Waste Treatment Plant at Jaipur and Swami Madhopur, they spoiled the plant, practically ruined the conditions of the plant and as there were series of complaint against their working, Nagar Nigam Jaipur cancelled the lease in 2016 and they run away from the plant in the fear of Police arrest. It is also matter of record that the petitioner has enclosed a copy of the pending criminal case (Annexure-C page 39) which were filed by the petitioner against the respondents or some other complaint against the respondent including R-1 Company. The chart goes to show that there were twelve cases filed against the present respondents. It is pertinent to note here that such cases were filed against the present respondent Mr. Ganesh Singh under Section 420, 406 and other offences under the IPC. This bench in exercise of the power conferred it to under Section 242 of the companies act to do the justice with the parties with a view to the bringing to an end the matter complained and to ensure smooth function of the Company as going concern - respondent company is directed to convene its AGM/EGM as the case may be to consider the report of the independent Chartered Accountant submitted before the CLB as per its direction and the shareholders/members of the company can discussed acceptability otherwise and take appropriate decision in accordance with law or its merits. Requisite measure and opportunity to take legal action in accordance law before appropriate forum. Further the company is granted liberty to make suitable amendments/corrections in its statutory returns. Petition disposed off.
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