TMI Blog2019 (2) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... hrow 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. - CO.PET. 178/2012 - - - Dated:- 14-11-2018 - MR. JAYANT NATH J. Petitioner Through: Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... L has pointed out that the present company was ordered to be wound up by this court on 25.4.2012. In 2008 an investigation was undertaken by Economic Offences Wing (Crime Branch) Mandir Marg, New Delhi against the respondent company and its Directors who were accused of cheating the investors who had invested their money in various projects in the company including the project located at Sheelki Dungri Tehsil Chaksu, District Jaipur, Rajasthan. A chargesheet was filed by EOW where it came to light that the land forming part of the Jaipur project located at Tehsil Chaksu, District Jaipur, Rajasthan had been purchased by the respondent company. The land which is subject matter of the present application forms part of this land. The ACMM pursu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Board of Directors of the respondent company authorising the said signatories for selling or alienating the said land. (iii) It is further pleaded that alongwith the sale deed some receipts have been filed. As per the Sale deed a paltry figure of ₹ 1,20,000/- has been paid. The receipts also do not tally with the said sum of ₹ 1,20,000/-. 5. A perusal of the copy of the sale deed shows that the description of the authorised signatory is stated as follows:- This sale deed is executed today on 10.12.2009 by M/s Viyan Infrastructure Ltd., 2-H, D.C.M. Building, 2nd floor, 16, Barakhamba Road, New Delhi through authorized signatory Sh. Rajeev Sharma S/o Sh. J.P. Sharma and Sh. Vikas Dangi s/o Sh. Dharampal Chaudhary t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - for a alleged sale consideration of ₹ 1,20,000/-. The last receipt is dated 14.11.2007 whereas the sale deed was executed on 10.12.2009. The following facts clearly emerge. Firstly, the person who has signed the sale deed is not authorised by the respondent company to sell the land in question. Secondly, the sale deed is allegedly executed and registered after an investigation had commenced by the Economic Offences Wing in 2008. The alleged sale deed is executed just 11 days before the attachment order passed by the ACMM, Patiala House Courts, New Delhi. It appears that the sale deed was executed to defeat the proceedings. Thirdly, the proof of making payments of consideration to the respondent company is sketchy and unr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any person, either generally or in respect of any specified matters, as its attorney, to execute deeds on its behalf in any place either in or outside India. (2) A deed signed by such an attorney on behalf of the company and under his seal where sealing is required, shall bind the company and have the same effect as if it were under its common seal. Section 291 - General Powers of Board (1) Subject to the provisions of this Act, the Board of directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is authorised to exercise and do: Provided that the Board shall not exercise any power or do any act or thing which is directed or required, whether b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. 11. 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. 12. In my opinion, the applicant lacks bona fide. The alleged sale deed is an illegal and a sham document created for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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