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2020 (8) TMI 650 - AT - Companies LawOppression and Mismanagement - dilution of stake of company - original equity in the Respondent Company was 20%, was brought down to 6.85% in the year 2003 - basic allegation being made by the Appellant (Petitioner) while praying for amendment is that there have been various holes in the Auditing System which has given rise to a massive and systematic fraud of at least ₹ 1500 crores, if not ₹ 8700 crores, in the form of siphoning off the funds based on fraudulent transactions, which could not have gone unnoticed by the auditors. HELD THAT:- In the present case, the Appellant having failed to show the ground to implead the other Auditor as party Respondent No.12 and the reasons to amend the name of Respondent No.11, they having knowledge of all the facts, Company Petition filed in the year 2015 merely because SFIO is investigating into the matter under Section 212 of the Companies Act, 2013, cannot be a ground to amend the name of the Auditor as Respondent No.11 nor can be a ground to implead another Auditor as Respondent No.12. Appeal dismissed.
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