2018 (3) TMI 1609

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e of the application. A copy of the application was furnished to the respondents by the applicant on 20.03.2018. Reply to the application be filed within ten days with a copy in advance to the other side. Rejoinder, if any, be filed within a week thereafter with a copy in advance to the other side. Mr. Ganda, learned Senior Counsel has argued that in pursuance or order dated passed by the Co-equal Bench of this Tribunal M/S. K.G. Somani & Company, Delight Cinema Building, Gate No. 2, 3rd Floor, Asaf Ali Road, New Delhi have been appointed as the auditors of the respondent No. 1 company and on the basis of the audited accounts the schedule of the AGM has been given as under:- S. No. Notice of AGM Date of Director's R....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....6 8. Notice of 42th AGM sent on 06.03.2018 to be held on 30.03.2018 at 4.30 pm Directors report 06.03.2018 for the year ended 31.03.2017 Auditors Report dt. 06.03.2018 for the year ended 31.03.2017   In the audited report the auditors have made the following entries showing the total amount of investment/ shareholding which reads as under:-   "SCHEDULE 4: INVESTMENTS AS TAKEN AND CERTIFIED BY THE MANAGEMENT   Particulars Nominal Value (Rs.)   As on 31st March, 2009 As on 31st March, 2008         Qty. Amount (Rs.) Qty. Amount (Rs.) LONG TERM SHARES AT COST a) Sunair Hotels Ltd. (fully paid-up) 10 42,80,000 4,28,00,000 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s pending consideration before this Tribunal with a prayer for rectification of the member register (Annexure A/ 8). However, the auditors have continued to show the shareholding of the M/S. Sunair Hotels Limited which was at the pre transfer stage. It has also been argued that despite incomplete record in material particulars the auditors have proceeded to prepare the audited accounts. The deficiencies pointed out by the auditors (at page 157) and some of them are as under:- "D. Bank balance confirmation certificate/ bank statements as on 31.03.2009 are not available hence bank reconciliation is not verified. E. Lease deed/ sale deed of flat in Mittal Tower Mumbai not available. Hence, ownership is not verified. However, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oks are either incomplete or not available:- I.Minute's books are not bound instead they are maintained in loose leaf form. II. Fixed assets register is not maintained u/s 209(1)(c). III. Register of member u/s. 150 is incomplete as per section 150(i)(a) and 150(i)(c) and rule 71 companies (issue of share certificates) rules 1960. IV. Register of contracts, companies and firms in which directors are interested u/ s 301 of companies act, 1956. V. Register of investments u/ s 372(6). VI. Register of director's shareholding u/ s 307. VII. Register of charges u/ s 143(1). VIII.Register of loans and investments 372(A)(5)." It is in the aforesaid facts and circumst....