https://www.taxtmi.com/caselaws?id=199652 The Company Law Board dismissed the petition by A. P. State Civil Supplies Corporation Ltd., alleging financial mismanagement by the former managing director of Delta Oils and Fats Limited. The Board found insufficient evidence to justify an investigation under Section 235(2) of the Companies Act, 1956, noting the petitioner's failure to provide corroborative evidence or counter explanations offered by the respondent. The judgment emphasized the need for prima facie evidence of illegal actions to initiate an investigation, highlighting the petitioner's option to pursue independent criminal or civil actions if unsatisfied. en-us Wed, 19 Mar 1997 00:00:00 +0530 Thu, 08 Mar 2018 17:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199652 The Company Law Board dismissed the petition by A. P. State Civil Supplies Corporation Ltd., alleging financial mismanagement by the former managing director of Delta Oils and Fats Limited. The Board found insufficient evidence to justify an investigation under Section 235(2) of the Companies Act, 1956, noting the petitioner's failure to provide corroborative evidence or counter explanations offered by the respondent. The judgment emphasized the need for prima facie evidence of illegal actions to initiate an investigation, highlighting the petitioner's option to pursue independent criminal or civil actions if unsatisfied. Case-Laws Companies Law Wed, 19 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199652