9911796707
TMI Blog2020 (11) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... er prejudicial and oppressive to the petitioners and against the interest of the company. It is stated in the petition that the petitioner along with the family members looked after the operations of he company and respondent No. 2 had conveniently usurped control of all finances of the company and all decisions in regard thereto. It is stated that the respondents have committed acts of oppression and mismanagement in relation to property transaction, misappropriation of funds, has attempted foreclosure of business and termination of key managerial personnel, further conjuring financial instability and alteration of credit facility and also attempted to scuttle mandate of requisition dated 03.05.2020 being EGM dated 20.06.2020. In 2015, r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Respondent No. 1 that were frozen pursuant to the representations made by respondent No. 2. The matter was taken up on the last occasion on 21st August, 2020 on which date it was pointed out that prior to that date it was adjourned at the behest of Sh. Siddharth Singhal, learned counsel for the Respondent Nos. 2, 3 & 4. On 21.08.2020, at the request of Sh. Siddharth Singhal, three days time is granted for filing reply and today was the date fixed, but no reply to the [etition has yet been filed. It was also brought to the notice of this Court by way of supplementary affidavit on behalf of the petitioner that there is the urgency in the matter as the Maruti Company is continuously writing to the petitioner to restart the business which w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re due to Respondent No. 2 and others; thus prays that necessary conditions may be imposed but the accounts may be restored and be made operative so that the business can start off and the Company does not faces closure. Sri. Ravi Kapoor learned counsel appearing for the Company has drawn the attention of this Court to the short reply submitted on behalf of the company on 25th August, 2020 by Sh. Niraj Kumar Singh and Sri. Utkarsh Malviya and has drawn the attention of this Court to para 10 Page 11 thereof and also to Page 12 Para 11 and has further drawn the attention of this Court at page 2 of the said document to show that the amount of Rs. 4 crores is said to has been deposited by the respondent no. 2 and he also referred to Page No. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ussiness of the company. Only routine expenditure is being permitted to be made from the bank accounts till the final disposal of the company petition by this tribunal or till the further order and it is also directed to respondent No. 1 as well as he petitioner to file the quarterly statements of the expenditure and bank accounts every three months before this Tribunal. The purpose of allowing the banking operations is to ensure that the existence of the company is not jeopardised or become impossible to retrieve because of the existence of difference between the two brothers which may result in closure of the company. If such interim relief is not granted it would cause prejudice and economic loss to the Respondent No. 1 company and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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