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2019 (8) TMI 222 - Tri - Companies LawOccupation of a person in the position as a director of the Company - investment in shares - reduction of capital of company - transfer of shareholding - entitlement to be paid from money of company - guilty of acts of misfeasance, fraud, cheating, breach of trust, misappropriation of funds or not - HELD THAT:- We have carefully perused the reports of the Investigation Officer, and accepted the report with regard to finding given him in respect of Respondent No. 2. While holding that the Respondent No 2. is held responsible for mis-managing the affairs of Company and the Petitioner has contributed a lot in comparison with the Respondent No 2, as detailed supra, simultaneously holding the petitioner is also responsible for loss to the Company for an amount of ₹ 47, 12,500 on par with second Respondent for an amount of ₹ 1,42,84,389/- (Rupees One Crore Forty Two Lakhs Eighty Four Thousand Three Hundred and Eighty Nine only) is not reasonable and justifiable. And we have accepted the Investigator Report in toto except with regard to the findings given in respect of the Petitioner. The Tribunal is of the opinion that the affairs of the Company are being conducted pre-judicially to the interest of the Company as well as to the Petitioner and other stakeholders ,and thus it is a fit case to wind up the Company, which would unfairly prejudice to the interest of the Petitioner as well as the Company. Therefore, it is a fit case to invoke the powers conferred on the Tribunal U/ s 241(1)(a) of the Companies Act, 2013 so as to put an end to the affairs of Company by passing suitable directions. It is declared that the Respondent is liable to compensate of ₹ 1,42,84,389/- to the Company ,within a period of two months from the date of receipt of certified copy of this order - Both the Petitioner and the Respondent are permitted and directed that the petitioner should nominate two of his Directors whereas the Second Respondent can nominee of his Director to the Board of Directors of R 1 Company within a period of one month from the date of receipt Copy of this order.
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