TMI Blog2020 (12) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... the Company with regard to the Books of Accounts of the Company is an excuse of the Suspended Director of the Corporate Debtor not to give the documents sought by the Liquidator. On going through the application, it is seen that adequate co-operation has not been extended by the Corporate Debtor to the Liquidator in completing the liquidator process. The absence of books of accounts of the Corporate Debtor as well as their Subsidiary Company M/s. Sabkaa Payments Ltd will ultimately result into hampering of the process of liquidation. The suspended directors of the CD are bound to extend all assistance to the Liquidator in his efforts to collect the whole documents including the books of accounts of the CD as well as the subsidiary Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the records of the Corporate Debtor, he found the following discrepancies: (i) Ambiguity in the transactions (Investments supply of services) of the Corporate Debtor with its subsidiary (Sabkaa Payments Limited -CIN: U72900DL2016PLC290846) and inadequate disclosures noticed in the financial statements of the Corporate Debtor in the preceding financial years. (ii) Non-appointment of internal auditor under the Companies Act. 2013. (iii) Non- maintenance of Statutory Registers, as stipulated in the Companies Act, 2013. (iv) High turnover and low margin as per the audited accounts of the Corporate Debtor in the 3 years preceding the liquidation commencement date i. e 2015-16, 2016-17, 2017-18. (v) Voluminou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of Sabkaa Payments Limited, the subsidiary of the CD for the financial year 2016-17 and 2018-19 despite repeated reminders were not provided by the suspended directors of the CD who are also directors in the subsidiary company. 9. According to the Liquidator, the above action of the suspended directors is causing unnecessary delay in the liquidation process. 10. On the other hand, the suspended director of CD Shri Reji Sivankutty, who is also the Director of Sabkaa Payments Ltd., in his counter stated that the application filed by the liquidator is not maintainable since all documents sought by the liquidator have been provided to the best of abilities of the suspended directors. He submitted that the books of accounts (income and e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany (Textocloud Communications Private limited) and conspired with many rivals of the company including the applicant of this CIRP (Videocon) and stolen the datas of the Company and destroyed many sensitive datas. According to the suspended director the server hard disk was corrupted and even the secondary backup hard-disk was also permanently overwritten, thereby erasing the entire data from the Hard Disk. The CD has also filed a criminal case against the said Mr. Sujith, which is numbered as Crime No.37/2018 of Cyber Police Station, Trivandrum FIR dated 17.09.2019. This was disclosed to the Liquidator, upon his request for the Books of Accounts. The suspended director further stated that the liquidator knowing the entire factual Matrix ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... result into hampering of the process of liquidation. The suspended directors of the CD are bound to extend all assistance to the Liquidator in his efforts to collect the whole documents including the books of accounts of the CD as well as the subsidiary Company of CD. 15. In view of the aforesaid discussion, the following order is passed: ORDER (i) The suspended directors of Corporate Debtor M/s.Achariya Techno Solutions (India) Pvt Ltd (Shri Reji Sivankutty and Shri Tinu Jose) are directed to make available to the Liquidator, complete set of books of accounts of the Corporate Debtor for the past 4 years from the liquidation commencement date, ie. 19.02.2020 within two weeks from the date of receipt of this order. (ii) The Boar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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