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of <h1>Court finds Petitioner diverting funds, orders further proceedings</h1> <h3>NIPUN SINGHAL Versus UNION OF INDIA & ORS.</h3> The Court found the Petitioner implicated in diverting funds amounting to 11.78 crores through bogus consultancy bills to various companies, including ... Application for permission to travel abroad - HELD THAT:- It is stated by learned Counsel for the Ministry of Corporate Affairs that the allegations against the Petitioner are serious as a substantial amount of money has been siphoned off by the Petitioner, who is a whole time director in LEEL Electricals Limited. List on 16.08.2023. Issues involved: Allegations of funds diversion and siphoning off by the Petitioner, objection to permission for travel abroad, involvement of multiple companies in fraudulent activities.Details of the Judgment:Allegations of Funds Diversion:The Ministry of Corporate Affairs filed a reply objecting to the Petitioner's application for permission to travel abroad, implicating the Petitioner for diverting funds. The affidavit dated 30.06.2023 detailed how an amount of 11.78 crores was diverted to Mr. Nipun Singhal and his Private Ltd Companies through bogus consultancy bills. Payments were made through different branches and booked in various companies, including LEEL Electricals Limited and Fedders Electric and Engineering Ltd. The Petitioner, a former director at LEEL Electricals Limited, was accused of concealing the system to avoid disclosure under section 189 of the Companies Act 2013.Siphoning Off Funds:The Inspection Report revealed that Mr. Nipun Singhal siphoned off Rs 5.42 Crores from LEEL Electricals Limited by raising fictitious consultancy invoices. Incentives were also paid to him during the financial year 2017-18. Additionally, funds were diverted to Fedders Electric and Engineering Ltd, where payments were made against fictitious consultancy invoices. The involvement of multiple companies and individuals, including Mr. Nipun Singhal's wife and son, in the scheme to obtain assets from LEEL Electricals Limited was highlighted.Ministry's Allegations:The Ministry emphasized the seriousness of the allegations, stating that a substantial amount of money had been siphoned off by the Petitioner, who was a whole-time director at LEEL Electricals Limited. The Court directed for a reply to be filed within two days and listed the case for further hearing on 16.08.2023.
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