TaxTMI 
TaxTMI 
2021 (8) TMI 124
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.... : Mr. Krishnan Venugopal, Sr. Advocate alongwith Mr. Abir Phukan, Mr. Surya Prakash, Mr. Shivendra Singh and Mr. Ashkrit Tiwari, Advocates for R-5 ORDER [ Per; Shreesha Merla, Member (T) ] The Appellants/Applicants in I.A. 2313 of 2020, Dr. Joe Verghese, Dr. R. L. Kamath and Dr. P. Subramanya Bhat, seek the following reliefs:- '(a) Wherefore this Hon'ble Tribunal may kindly be pleased to pass an Order directing a Forensic Audit caused in respect of the affairs and accounts of the 1st Respondent Company as well as the Respondent No. 7 and present a report to meet the ends of justice. (b) Passes any other order, direction as it may deem fit and proper in the interest of justice and equity.' 2. Submissions on beh....
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....s collected from the patient and given to cashier is pocketedby Mr. Bhardwaj, thereby leading to many patients having two discharge bills and two receipts. It is stated that the supporting documents with the sworn affidavits have been filed before NCLT on 15.03.2018.b) That though several patients of Dr. K. Mukund have been discharged, the computer system does not raise any discharge bill and though these patients have undergone expensive procedures, the bill amount has not been credited to the Hospital account. c) that there is selective billing that is the Revenue going to the Cathlab account owned by Dr. K. Mukund is meticulously collected, whereas the revenue due to the Hospital is either reduced or omitted under the orders of Dr. K. Mu....
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....gement of the Hospital. (viii) Learned Counsel further submitted that conduction of the Forensic Audit alone would establish the financial irregularities committed to enrich the Seventh Respondent which is the conflicting business interest of Dr. Mukund; that the valuation of the shares of the First Respondent is not true and accurate as the valuation does not take into account the siphoning off the receipt of the business of the First Respondent; that the unaudited financial statement provided by the Management on which the valuation is based, show grossly different figures regarding Expenses, Trade Receivables and Losses when compared with the financial statements presented to the Board. 3. Learned Counsel appearing for the Ap....
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....of the Company. All the allegations in this Application were part of the pleadings before the NCLT and as the Appeal is ripe for final hearing only to delay the matter, this Application has been filed. d. The Fifth Respondent Dr. Jayakrishnan has changed sides and is now colluding with the Appellants and is not co-operating with the day to day affairs of the Company and is interfering with the smooth functioning of the First Respondent Company, while Dr. K. Mukund is contributing his entire time to the Hospital. The Appellants including the Fifth Respondent, are working in bigger institutions and in their own clinics. The main source of revenue is the hard work of the Second Respondent and the situation has been so, for the last 10....
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....rties; the current Management is having absolute majority in the Board and the same Management is capable of running the Company in an effective manner; that the Statutory and Internal Audit was done by the Auditors in great depth going through every transaction and that even the Report of the current Chairman also did not suggest any irregularities and the Learned Counsel strongly opposed the conduction of any Forensic Audit at this point of time. Submissions on behalf of the Learned Counsel for Respondent No. 5: 6. It is submitted that the Fifth Respondent is a Cardio Thoracic Surgeon holding 8.04% shares and states that 49.4% of the shareholders including him seek an Independent Forensic Audit on the following grounds:- (i....
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.... jurisdiction under Section 242 of the Companies Act, 2013. Further, till date no investigation has taken place. (vi) Learned Counsel also contended that the Hospital accounts become an NPA on 30.04.2008; there are discrepancies with respect to bills, invoices, provisional charges, cash collections, etc., and therefore it is in the interest of the Company and the shareholders that a Forensic Audit be conducted to bring to light irregularities committed by the present Management. Assessment: 7. This Tribunal vide Order dated 28.06.2021, taking into consideration, the submissions of all the parties concerned had appointed Mr. E. Selvaraj, retired Additional Secretary of Government of India and ex-Director, Ministry of Corporate....