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2019 (2) TMI 30 - HC - Companies LawOfficial Liquidator action for auctioning/selling the property/plot - Held that:- A company can only act through the authorisation received from the Board of Directors while effecting sale of an immovable property. In the present case the applicant has not been able to show that the signatories to the sale deed are officers of the respondent company or have any authorisation from the Board of Directors of the respondent company to effect a sale in favour of the applicant and to execute registered conveyance deed. There is no proof that the respondent company received the consideration for sale of the land. Other factors noted above also throw suspicion on the bona fide and genuineness of the sale transaction. The sale deed relied upon by the applicant cannot be relied upon. It is manifest that the above sale deed relied upon by the applicants have been allegedly executed to hoodwink the respondent company and to fraudulently part with the assets of the company. In my opinion, the applicant lacks bonafide. The alleged sale deed is an illegal and a sham document created for the purpose of grabbing the property of the company. Accordingly, in my opinion, the sale transaction relied upon by the applicant cannot be relied upon. The present application is accordingly dismissed.
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