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TMI Blog2000 (2) TMI 709X X X X Extracts X X X X X X X X Extracts X X X X ..... Bombay) (Pvt.) Ltd. along with others challenging the intended action under section 237 of the Companies Act, 1956 ('the Act') by the Company Law Board. The impugned notice is at Exh. "A", page 224. It is dated 13-11-1987. After referring to the intricate holdings and connections of different companies in the initial part of the impugned notice and also referring to the fact that late Mr. Ramnath ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the petition and issuing rule had granted interim order in terms of prayer clause (d), which reads as under : "(d) to stay the operation of the order during the pendency of the petition and to prevent the respondents from commencing and proceeding with the investigation." 3. Effectively, therefore, the impugned notice has remained as it is without any proceedings having commenced thereunder. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The company having All India operation on its own or through its subsidiaries, if are engaged in the aforesaid exercise of either diversion of funds or mismanaging it in the manner to defraud the creditors, the ill effect thereof will be felt very soon and the creditors would certainly raise hue and cry. 7. Nothing of the sort having happened, obviously the apprehension felt in the impugned notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fraudulent or unlawful purpose". 9. The apprehensions referred to above are merely referring to some reports and materials that the Company Law Board had with it at the relevant time. According to the Board, these were the portend of things to come. If they were so the things would have certainly come to head. We have recorded the fact that this very situation is missing. 10. For these reasons w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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