TMI Blog2020 (11) TMI 1048X X X X Extracts X X X X X X X X Extracts X X X X ..... his court which makes it clear that the Suspended Board of Directors have not maintained the record of the CD. In other words, they have failed to perform their fiduciary duties in maintaining the record of the Corporate Debtor. Whereas they are duty bound to maintain the record of the CD for a period of not less than 8 years as mandated under the provisions of Section 128 (5) of the Companies Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Respondent No. 1 and 2 to the Registry - application disposed off. - IA-1253/2020 In IB-643(ND)/2018 - - - Dated:- 9-11-2020 - CH. MOHD. SHARIEF TARIQ MEMBER (JUDICIAL) AND SHRI NARENDER KUMAR BHOLA MEMBER (TECHNICAL) For the Applicant/OC Ms. Shruti Garg and Mr. Madhavam Sharma Advocates For the Respondent/CD Mr. Manoj Kumar Garg Advocate for Suspended Board of Directors For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information of the Corporate Debtor. The matter was first listed on 25.02.2020 and on 30.09.2020, 19.10.2020 and 02.11.2020 and by all these orders, the Suspended Board of Directors were directed to file the reply and to provide the record of the Corporate Debtor. However, on one pretext or the other, there is no compliance with the order of this court which makes it clear that the Suspended Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d looking to the conduct of the Suspended Board of Directors, we hereby levy penalty of ₹ 5 Lakhs on each viz., Mr. Ashish Chaturvedi and Mr. Sanjay Kapoor. The total ten lakhs shall be deposited to the Accounts of the Government of India, Ministry of Corporate Affairs, within a period of four weeks from the date of passing of this order and thereafter compliance reports shall be submitted b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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