TaxTMI 
TaxTMI 
2020 (3) TMI 266
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....lowing reliefs: i. To direct and call for the records on the file of the 7th Respondent and 8th Respondent; ii. To direct call for the record of payment made regularly by the Petitioner on each of the Chit groups to the 5th and 6th Respondents; iii. To direct the 5th Respondent to disclose the loan amount adjusted from chit group of Petitioner maintained by the 6th Respondent; iv. To direct for the purchase of shares and interest of the Petitioner in the 1st Respondent Company against the transfer of Proportionate extent of land and consequently reduce the share capital of the 1st Respondent Company etc; v. Any documents executed by any of the Respondents alone, without the same being signed by t....
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....osition is reflected in the Annual Return filed on behalf of the 1st Respondent Company as at 31.03.2017. In addition, he claims that he is one member out of the total of 3 members of the 1st Respondent Company. Therefore, he fulfils the criterion as prescribed under section 244 of Companies Act, 2013, and as such he is entitled to maintain the present Petition. (3) It is submitted that on 05.06.2012, a Loan Agreement was executed and the Petitioner's Chit Fund Accounts No. PG-1/2 and PG-1/3 amounting to Rs. 2.05 crores held with the 6th Respondents office at Jayanagar Branch was given as collateral for the 5th Respondent and the Petitioner was forcefully made a co-obligant and surety as he was one of the Directors of the 1st R....
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.....2017, Auction of the aforesaid properties and following bidders participated in the auction, pursuant to the order of the 7th Respondent. Sl. No. Name of the bidder Bid Amount in Rs. 1 Suresh K.A 1,85,00,000 2 Jagadeesh.N 1,70,00,000 3 Gopalakrishnan V 2,00,00,000 The Petitioner aggrieved by the execution Petition filed by the 5th Respondent and consequent to orders passed by the 7th Respondent, has challenged the auction sale proceeding before the Hon'ble High Court of Karnataka in W.P.No. 26759, 26760, 26761/2017. The Hon'ble High Court in the beginning has passed an interim order of stay on the sale proceedings dated 08.05.2017 for a period of four weeks. The Petitioner filed an....
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....cessary qualifications'/s 244 of the Companies Act, 2013, and hence does not have the locus standi to maintain this Petition. The Petitioner's remaining shareholding was auctioned by the Court of law, and accordingly his shares were transmitted to the auction purchaser. This is indicated in the current shareholding of the 1st Respondent Company as indicated in MGT-7, 2018.Threfore, he ceased to be shareholder of the Company. 4. The Respondent No.8 (Assistant Registrar of Co-operative Societies & Recovery Officer (R-441) has filed Statement of Objections dated 11.06.2019, by inter-alia contending as follows: (1) The Respondent submits that the averments made in the Petition is not maintainable on the ground that the Limit....
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....est bidder. Therefore, the Petitioner challenged the award of Execution Petition before the Karnataka Appellate Tribunal which granted conditional stay subjected to pay 25% of the amount awarded who failed to clear the sale and who failed to pay deposit. The Petitioner also challenged the order before the Hon'ble High Court which was pleased to dismiss Petitioner's Writ Petition also. (3) It is stated that this Application is filed before the Authority is to only harass the Respondent by making false allegations whoever recovered money by due process of law and has got nothing to do with any averments made in this Petition. The Petitioner only with an intention to harass the Respondent has filed the above Petition as the ot....
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....y are entitled to make an Application under sub-section (1), any one or more of them having obtained the consent in writing of the rest, may make the Application on behalf and for the benefit of all of them." It is not in dispute that the Petitioner has suffered different Awards passed by the Deputy Registrar of Co-operative Societies, South Zone, Bangalore City District and Nominee of the Registrar of Co-operative Societies at Bangalore in RCS/04/SOU/1029/2015-16 dated 06.06.2016, RCS/04/SOU/1030/2015-16 dated 06.06.2016, RCS/04/SOU/1031/2015-16 dated 06.06.2016, by directing the Respondent therein (Petitioner herein) to pay different amounts and also granting liberty to the Petitioner to recover the amount by Sale of immovable properti....