TaxTMI 
TaxTMI 
TaxTMI 
2018 (3) TMI 718
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...., 542 and 543 of the Companies Act, 1956 seeking a direction to Mr. Vinod Vij to remit the amount of Rs. 16,31,174/- along with 18% interest from the date of receiving the amount to the OL. Other connected reliefs are also sought. 3. The background facts of this case are that on 15.02.2013 provisional liquidator was appointed in this case. One of the work sites of the respondent company was at Batra Hospital Sidhra, Udhampur (J&K). The provisional liquidator took symbolic possession of the same. The parties, namely, the petitioner and the respondent settled the disputes on 29.08.2013 and the provisional liquidator was discharged on 03.09.2013. The bank account of the respondent company was de-freezed. 4. However, subsequentl....
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....ng of the statement of accounts and submission of the learned counsel for the Ex.Director that the entire sum of Rs. 16,31,174/- has been credited into the account of the respondent Company on 16.04.2014 and 22.04.2014, namely, after the order of winding up passed by this court. Further the said amount appears to have been transferred to the account of one Sh.Charan Jeet Singh, in Jammu and Kashmir bank. This is apparent from a perusal of the statement of accounts of Sh.Charan Jeet Singh of Jammu and Kashmir bank. The said account shows a credit from M/s Vij Constructions Pvt.Ltd. on 16.04.2014 for Rs. 8 lacs and on 22.04.2014 for Rs. 8,31,174/-. 8. I have heard the learned counsel for the OL and Mr.Vinod Vij, Ex.Director of the respondent....
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....lusion that this kind of procedure in releasing funds by a limited company cannot be accepted and is contrary to normal accounting procedure. A company which bonafidely expands its fund for its project would make payments from its own account based on invoices raised by the suppliers/contractors giving details of the purpose for which the payments are being released. This ad hoc and haphazard manner of providing account cannot obviously be accepted. 12. Section 543(1) of the Companies Act, 1956 reads as follows: "543. Power of Court to assess damages against delinquent directors, etc. (1) If in the course of winding up a company, it appears that any person who has taken part in the promotion or formation of the company, or any past or pre....
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....Vij, the Ex-Director of the Company after passing of the winding up order taken money from the Batra Hospital which he was not entitled to receive in terms of the aforenoted provisions of the Companies Act. He further claims to have disbursed the amount for the bona fide payment of debts of the respondent Company which he could not have done. Further this fact itself of having disbursed the funds to discharge the bona fide debts of the respondent Company is a doubtful contention. Further there is no merit in the plea of Mr. Vij that he was not aware that he cannot operate the accounts of the company to make bona fide payments for and on behalf of the company. 15. Accordingly, I allow the present application and pass a direction to Mr. Vino....