TMI Blog2019 (1) TMI 1576X X X X Extracts X X X X X X X X Extracts X X X X ..... arte though notice was served to the Appellant and sought for time, but the Tribunal proceeded with the impugned order. According to him, the provision of Section 230 is Draconian Section introduced in Companies Act, 2013. However, such submission cannot be accepted till any person challenges the provisions before the Court of Competent Jurisdiction such as the Hon ble High Court and the Hon ble S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant and Mr. Parvez Nainwadi, Assistant Director (Legal Prosecution) for 1st Respondent. Due to mis-management of Infrastructure Leasing Financial Services Limited , IL FS Financial Services Limited and IL FS Transportation Networks Limited (1st, 2nd and 3rd Respondents respectively), the Union of India, Ministry of Corporate Affairs filed petition u/s 133 of Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... still pending. In our earlier order dated 1.10.2018 on the basis of prima facie report that the affairs of the company were mismanaged during the relevant period and that the affairs of the company and subsidiary companies were being mismanaged during the relevant period and that the affairs of the company and subsidiary companies were being managed during the relevant period as contemplated under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to recast the accounts / financial statements of all the three companies, i.e. Infrastructure Leasing Financial Services Limited (R1), IL FS Financial Services Limited (R2) and IL FS Transportation Networks Limited (R3) for the past five financial years, viz. from Financial Year 2012-13 to Financial Year 2017-2018. Regional Director may submit the name of the Auditor for our a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , but the Tribunal proceeded with the impugned order. According to him, the provision of Section 230 is Draconian Section introduced in Companies Act, 2013. However, such submission cannot be accepted till any person challenges the provisions before the Court of Competent Jurisdiction such as the Hon ble High Court and the Hon ble Supreme Court. Even if it is accepted that the Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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