2020 (3) TMI 1008

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.... Venkatesh Koravadi against the order dated 22.03.2019 passed by National Company Law Tribunal, Bengaluru Bench in C.P No. 07/2016. 2. Brief facts of this case are that M/s World Schools Pvt. Ltd. (in short Respondent Company) was incorporated as a Private Limited Company on 24.01.2005 under the Companies Act, 1956 having their registered office at New No. 76, Old No.29, 1st Main Road, Chamrajpet, Bengaluru - 560 018. The Authorized Share Capital of the Company is Rs. 1,00,00,000/- (Rupees One Crore only) divided into 10,00,000/- Equity Share of Rs. 10/- each and the paidup capital of the Company is Rs. 95,58,060/-. The main objective of the Company was to establish and run in any part of India or elsewhere colleges or schools for impart....

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....order for through inspection and investigation of the affairs of the Company and the Trust by appointing Inspectors through the Ministry of Corporate Affairs. 6) To pass an order to appoint an Independent Auditor to investigate the dealings of the purchase of land and the amount received and spent by the Company and how it is booked in the accounts of the Company. 7) To pass an order that the allotment made to the contesting Respondents without premium is null and void and consequently direct the Company to reduce proportionately the numbers of shares allotted to them and rectify the Register of Members. 8) To pass an order declaring that the Board Meetings and General Meeting held without issuing notices to the P....

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.... order the operative portion of the impugned order reads as under: "12. The above facts and circumstances prima facie shows that the Respondents are resorting to acts of oppression and mismanagement which are further to be investigated by the Registrar of Companies and Principal Director of Income Tax (Investigation) with whom the complaints are already pending submitted by the Petitioner. It would be just and proper to prevent the present management to perpetuate further acts of oppression and mismanagement and to prevent misuse of funds, by making an interim arrangement by appointing independent Chairman as to see the affairs of the Company should be conducted in accordance with law. Since R-1 Company deals with imparting educati....

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....pany, till the investigations are completed by the Statutory Authorities; 2) We hereby fixed Rs. 75,000/-(Rupees Seventy Five Thousand Only) per month, which is to be reimbursed from out of funds of the R-1 Company; 3) The Company and Independent Chairman are at liberty to file Miscellaneous Application(s) in the Tribunal seeking further direction(s) if necessary; 4) The Petitioners are hereby granted liberty to file a fresh Company Petition, if they are ultimately aggrieved by action taken by the Statutory Authorities viz. Registrar of Company (ROC), Principal Director of Income Tax (Inv.). 5) We hereby direct Registrar of Companies (ROC), Principal Director of Income Tax (Inv.) to expedite the investiga....