9911796707
TMI Blog2021 (11) TMI 198X X X X Extracts X X X X X X X X Extracts X X X X ..... t due thereon at 18% per annum." Brief facts leading to this Company Petition is as under:- 2. The Petitioner is a shareholder of the respondent company. Since respondent company is a Section 8 company, no shares issued to the petitioner. When the respondent company was in financial difficulties, it requested the Board of Directors to deposit certain amounts. The respondent company offered interest at 18% for such deposits. The petitioner deposited an amount of Rs. 30,00,000/- (Rupees Thirty Lakhs Only) with the Respondent Company. Payments were made in 5 instalments through Cheque No. 77236 dated 29.03.2013 for Rs. 15 lakhs drawn on Federal Bank, NEFT transfer by New Ideal Transport on 14.09.2013 for Rs. 2 lakhs, Cheque No. 88642 dated 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s allies at the time were keenly interested in IMEBN and promoted the activity, and had therefore contributed to the share capital. Petitioner has in collusion with the office bearers of the company was not diligent in protecting the interests of the respondent company. As a result, the entire worth of the respondent company is now eroded and all the monies and funds have been diverted into the 2 projects viz. (i) Kerala Trade Centre and (i) M/s. Middle East Broadcasting Network Pvt. Ltd. These projects have resulted in heavy financial losses and made the respondent company a party to numerous litigations (both civil and criminal) in several courts, tribunals and other forums and brought it to the very brink of bankruptcy. 5. It is further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t entry featured on Page-2 of the above petition is featured Receipt dated 23/09/2013 for Rs. 4 Lakhs, shown as 3 item in column iv. iii. The entry after that on Page 2 of the above petition is Receipt dated 20/11/2013 for Rs. 4 Lakhs shown as 4th item in column iv. iv. However, Receipt dated 30/11/2013 for Rs. 5,00,000/- shown as 5 item in column iv on Page-2 is seen to be issued to Sumaya B. Abdulla (Daughter of Petitioner) and clearly is shown as 'advance payment on account of booking of space of the Kerala Trade Centre'. 8. It is also stated that the respondent company is a public limited company and is required to audit its accounts in compliance of rules and regulations applicable. As such the auditing of accounts of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmerce and Industry under Rule 2(1) (c)(vii) of the Companies Act (Acceptance of Deposits) 2014. True copy of the Declaration dated 23/09/2013 issued by M/s. New Ideal Transport. d) Declaration dated 30/11/2013 from Ms. Sumaya B. Abdulla D/o Shri K.M. Abdullah has advanced a sum of Rs. 5 Lakhs as unsecured loan @ 18% interest to M/s. Kerala Chamber of Commerce and Industry under Rule 2(1) (c)(vii) of the Companies Act (Acceptance of Deposits) 2014. True copy of the Declaration dated 30/11/2013 issued by S. Sumaya B. Abdulla D/o Shri K.M. Abdullah. 10. It is also stated that the Respondent Company suspended the Petitioner from the Board of Directors vide communication dated 22.02.2019 for charges of misconduct and violation of oath as Dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sides could not answer the question. Hence, the Bench directed both the parties to submit their respective bank account details for the relevant period with regard to the deposit of Rs. 30,00,000/- (Rupees Thirty lakhs only/-) with an affidavit. Both sides filed affidavit enclosing the bank account details. On-going through the bank account details produced by the respondents, it is seen that the amount in question has been credited to the account of Kerala Trade Centre, which is a separate entity. The Company Petition has been filed against Kerala Chamber of Commerce and Industry as the respondent. The payments have not been made to the account of respondent company, but to the account of Kerala Trade Centre, a joint venture bank account ..... X X X X Extracts X X X X X X X X Extracts X X X X
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