TaxTMI 
TaxTMI 
2007 (10) TMI 405
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....n by a Writ Court under Article 226 of the Constitution of India. The counsel had also taken this Court through the respective stands taken by the petitioner in the affidavit filed in support of the writ petition and also the 2nd respondent in the counter affidavit filed in response to the affidavit filed by the petitioner. 3. On the contrary, Sri Vijayabhaskar Mula had taken this Court through the specific stand taken in the counter affidavit by the Registrar of Companies incharge, the 2nd respondent and would contend that the remedy, if any, available to the petitioner is to invoke the Company Law Board, in accordance with the provisions of the Companies Act, 1956, and hence the writ petition itself is not maintainable. Incidentally, the....
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....d that the 2nd respondent had referred the said complaint to the 3rd respondent Company and washed off his hands without any action for the deliberate omissions/commissions of the 3rd respondent Company under the Companies Act, 1956. 7. It is further stated that through reliable sources the petitioner came to know that the 3rd respondent Company had become allegedly sick and proposed a scheme before Board for Industrial and Financial Reconstruction (BIFR), New Delhi for revival of the Company. It is further stated that the petitioner and his relatives had invested their hard earned money of Rs. 1,50,000 in the year 1995, till today they could not get even a single rupee as return, on the top of it, the value of the share in the market is R....
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....nool, Sri A. Eranna residing at the same address, and Sri S. Abdulla, residing at 1-541/26, NGO Colony, Emmigannoor Road, Adoni, Kurnool District. 9. Further it is stated that as regards the averments made by the petitioner that he has not received any Annual Return or notice of any extraordinary general body meeting of the company and the said facts were brought to the notice of the 2nd respondent i.e. the Registrar of Companies on 18-6-2004 and 25-10-2006 and the respondent No. 2 washed off his hands without any action after referring the complaints to the respondent No. 3 Company under the provisions of the Companies Act, 1956, it is stated that the respondent No. 2 is having 54000 companies under his jurisdiction and discharging variou....
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....r Economic Offences by way of a complaint against M/s. Trezer Oil Agro Tech Limited and its directors for alleged defaults under the Companies Act, 1956. However, the petitioner has not availed such remedy available under the Companies Act, 1956. 10. It is also stated that the petitioner sent a notice on 1-5-2007 to the Respondent No. 1 seeking appointment of Inspector to investigate the affairs of the Company from 1995 onwards is concerned, the respondent No. 1 does not have any suo motu power to order for the investigation against the respondent No. 3 company. Moreover, the petitioner has not furnished any material evidence/information showing that the company has either defrauded the investors or acted detrimental to the interest of the....
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....ower vested in the executive Government is invoked, one incumbent may perhaps feel that justice may not be meted out. But now, after the amendment in 1988, the power vested with the Central Government had been taken away and vested with the Company Law Board. When the power is conferred on the Company Law Board, it is incumbent on the petitioner to approach that statutory Board which shall examine and do justice, as the circumstances demand. In such circumstances, there arise no reason for exercising the discretionary power vested in this Company Court to direct such investigation or declare that it needs investigation by the Central Government. 12. Section 235 of the Companies Act, 1956 deals with Investigation of affairs of a Company, wh....
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....t- (a )shall appoint one or more competent persons as inspectors to investigate the affairs of a company and to report thereon in such manner as the Central Government may direct, if- (i )the company, by special resolution; or (ii )the Court, by order, declares that the affairs of the company ought to be investigated by an inspection appointed by the Central Government; and (b )may do so if, in its opinion or in the opinion of the Tribunal, there are circumstances suggesting- (i )that the business of the company is being conducted with intent to defraud its creditors, members or any other persons, or otherwise for a fraudulent or unlawful purpose, or in a manner oppressive of any of its members, or that the company was formed for any ....