Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2017 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (10) TMI 1068 - HC - Companies LawWinding up petition - Held that:- It is apparent that the business of the respondent company has been carried on fraudulently, deceptively and with malafide intentions, and therefore, the fit case to lift the corporate veil of the respondent company. As per the affidavit dated 14.02.2012 filed in this Court by Shri V.K.Sharma, CMD of JVG group Companies in CP 265/1998, it was stated by him that all the properties of the respondent companies have been acquired with the funds of petitioner only and actually owned by it and the name of the respondent company has been used as a corporate personality as a cloak for committing fraud upon the innocent depositors/ investors/ creditors of the respondent company. Shri V.K.Sharma the ex-managing director of JVG group of Companies vide his affidavit dated 14.02.2012 also stated that all the land properties in different JVG group Company were purchased out of funds of petitioner and he has no objection if the properties of all the JVG group companies are sold and the investors of all the JVG group companies are paid. He further stated that all the creditors/investors of different JVG group companies may be treated as the investors of JVG Finance Limited. Since, the petitioner is a bonafide creditor of the respondent company and since despite notice the respondent company could not repay, so considering the overall circumstances the respondent company is ordered to be wound up under the provision of Section 433(e) and (f) read with Section 439(b) of the Companies Act, 1956. Ordered accordingly.
|