TaxTMI 
TaxTMI 
2022 (5) TMI 319
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....racts entered into, and revenue earned and/or due, etc., and as to the nature and circumstances by which the 3rd respondent received amounts from the aforesaid channels; ii. To direct the respondents herein to produce copies of the interconnection agreements that they have executed with various pay channel companies; iii. To stay the operation and implementation of -Annexure A10 minutes of the meeting in the interest of fairness and justice. 2. The applicant and another 35 individuals are members holding equity shares in the 1st respondent company and have paid all calls and other sums due on their respective shares. 1st Respondent company is a Private Company with 36 shareholders. 3. One of the specific points that was pointed out by the Applicant is regarding the illegality committed by Respondents 2 to 4 in collecting various commission amounts from various broadcasters. This is clearly evident from Annexure A3 email, which contains the copies of the TDS certificate issued by the broadcaster in the name of the 3rd respondent. It is further stated that the Telecom Regulatory Authority of India, which is the apex regulatory body governing the broadcast of s....
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....he applicant further argued that the Board of Directors of the 1st Respondent Company convened an urgent meeting with the proposal for outsourcing the accounting and making certain drastic changes and alterations in the manner of functioning of the accounts department and also the collection of revenue. On receipt of Annexure A8 notice, the Applicant preferred a detailed note and requested that none of the proposals in Annexure A8 notice be accepted by the board. However, the Board comprising of respondents 2 to 4 and their supporters accepted the proposal in the Annexure A8 notice which is evident from the meeting of the Board of Directors. These latches admitted by Respondents 2 to 4 itself is sufficient to hold that the office of the company is being mismanaged. 7. Respondents 1 to 4 filed their Counter and stated that the invoice attached as Annexure A8 to the Company Petition clearly states that the amount has been released against the invoice raised by Kavya Cable Network to Cinema 24x7 Private Limited. As like all other Directors, the 3rd Respondent is also providing Cattle Network services under the name and style of "Kavya Cable Network'' which is a sole proprie....
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....uthority of India, if the 3rd Respondent has violated the regulations issued by the Telecom Regulatory Authority of India. 12. The Respondents in their counter affidavit admitted that a crime has been registered against Respondents 2 to 4 at Ernakulam Town North Police Station based on the complaint lodged by the Applicant. The Respondents have already submitted all the necessary documents and information as required by the Police Department. The proceedings in the said complaint are underway and that they have obtained anticipatory bail from the Hon'ble Sessions Court, Ernakulam. After going through the case diary, the Public Prosecutor, has clearly pointed out that the accused are in receipt of various amounts, including commission from equipment manufacturers as well. There is no such observation that the Respondents have collected commission from equipment manufactures. 13. The respondents also stated that it is evident from the records that the Applicant could not pinpoint even one instance of tampering the evidence by the Respondents along with Company Secretary and the present attempt of the Applicant is nothing but reciprocation arising out of removal of Applicant....
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....ges to the Respondents. It is also stated that copies of various interconnection agreements that 1st Respondent Company as executed with various pay channels and the ledger balance of various pay channel companies will also be produced if this Tribunal directs to do so. It is evident from the combined reading of agreement and ledger balance that there is no revenue loss to the 1st Respondent Company. The 1st Respondent Company is receiving the amount due from various pay channel companies in regular intervals as stipulated in the agreement. 18. We have heard the learned counsel for the applicant- Shri. P.G. Jayashankar and the learned PCS for Respondents Shri. Vivek Kumar through Video Conferencing. We have meticulously perused the case records and various documents annexed with this IA. The relief sought for by the applicant, who is the petitioner in the main Company Petition is two-fold. On one stretch he wants to produce various documents by the respondents and on the other stretch he wants to stay the operation of the Annexure A10 minutes of the Board meeting held on 17.07.2021. After going through the records, it is learnt that there is a dispute between the applicant and t....