TaxTMI 
TaxTMI 
2022 (12) TMI 1246
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....gross negligence in discharging their duty as Directors of the Company and the Managing Affairs of the Company in negligent manner; (C) For order that all necessary inquiry be made and accounts be taken for ascertainment of the same that the respondents- accused are liable to contribute to the assets of the company in liquidation by way of compensation for the said misfeasance and breach of trust; (D) Order that the respondents accused jointly and severally contribute to the assets of the company in liquidation and to pay official liquidator of the company in liquidation all such sum that may be found liable to be contributed in view of misfeasance, breach of trust, breach of duties and gross negligence committed by the respondent accused together with the interest on the said amount at 18% from such date as the Hon'ble Court may direct till actual payment. (E) For order that the respondent accused do pay costs, charges and expenses incurred by the Liquidator, by way fees of Chartered Accountant and fees of the Legal Advisors as may be deemed fit by the Hon'ble Court; (F) Such other and further reliefs and directions as the Hon'ble Court in the facts and circumstanc....
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....on or before 19/02/2010. Matter to come up on 19/02/2010." 11. On 26.02.2010, following order was passed : "Learned Advocate for the respondent submits that the respondent is not present in the Court. This statement has come only after the Court called upon the learned Advocate to explain the details contained in the balance sheet of Pyramid Spaces Private Limited accompanying the affidavit dated 25/02/2010 tendered today. At this stage learned Advocate for the respondent tries to explain the absence on the basis of some e-mail communication received by the learned Advocate from the respondent as to illness of respondent. The said explanation is not accepted in absence of any evidence as to illness of respondent. Vide order dated 22/02/2010 a specific direction was issued that the respondent shall remain personally present on every successive date of hearing till further orders are passed by the Court, despite which the respondent has remained absent without permission of the Court. Hence Bailable Warrant to be issued to respondent - Kirti Jain at the address stated in the cause-title for a sum of Rs.50,000/- returnable on 02/03/2010. Registry is directed to forward the bail....
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....s for the parties. 2. Mr. N.K. Majmudar, learned advocate for the respondent submits that respondent is directed to remain present before this Court unless so exempted. It is further submitted that the respondent would file an undertaking that as and when his presence is necessary and any direction issued in this regard, the respondent would remain present and he is ready and willing to file an undertaking on oath. Learned advocate for the respondent further submits that in view of law laid down with regard to the procedure to be adopted by the Company Court for negotiation of prosecution, and necessary action in accordance with law pursuant to Sections 542 and 543 of the Companies Act, 1956 and Rules made thereunder he would like to rely on certain decisions of Apex Court as well as this Court. 3. Undertaking dated 22nd June, 2011 filed by respondent is ordered to be taken on record and any breach of the above undertaking on the part of the respondent will automatically result into initiation of appropriate action in accordance with law. 4. With the aforesaid, subject to complying with the undertaking as above, respondent is exempted from personal appearance. 5. The ma....
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....e adjourned to 30.9.2013 under order dated 2.9.2013, office has listed present petition for appropriate orders with office note dated 5.9.2013, which reads thus: "It is respectfully submitted that as per the Honourable Court's (Coram: Honourable Mr.Justice K.M. Thaker) order dated 02/09/2013, the official Liquidator has not supplied address of ExDirectors of the Company to the Registry on or before 04/09/2013 in the matter." 2. Official Liquidator was directed to supply addresses of the exdirectors of the company on or before 4.9.2013. 3. Office has informed that the address has not been supplied by the Official Liquidator. 4. As a last chance, time to Official Liquidator is granted to supply address of exdirectors. Addresses of the exdirectors of the company must be supplied to the office on or before 10.9.2013 If the address is not supplied by the Official Liquidator, Official Liquidator will be visited with cost of Rs.1,000/ for neglecting the order and directions of the Court passed at the request of Official Liquidator." 30.09.2013 "1. The Official Liquidator has not complied with direction of this Court issued vide order dated 06.09.2013. 2. Therefore, i....
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.... Stand over to 24th March, 2022." 19. Thereafter learned advocate Mr. Karan Sanghani for learned advocate Mr. Nikunt Raval prayed for time to comply with the order dated 2.09.2022 to file affidavit placing on record the current status of the action taken by the Income Tax Department on 11.11.2022 and thereafter matter was kept for hearing on 25.11.2022 and adjourned to today due to leave note of learned advocate Mr. Varun K. Patel. 20. Learned advocate Mr. Karan Sanghani for learned advocate Mr. Nikunt Raval who appears in place of learned advocate Mr. Varun Patel for the Income Tax department submitted that the affidavit as per the directions given by this Court vide order dated 2.09.2022 is already filed on 28.11.2022 placing on record the current status of the action taken by Income Tax department as under : "3. I humbly submit that separate show cause notices for launching prosecution was issued upon the assessee company and Kirti Jain, Managing Director on 07.05.2010 for A.Y 1995-96. The CIT-1, Baroda under separate orders dated 01.10.2010 passed under Section 279 of the Income Tax Act, 1961 ("the Act') granted sanction for launching prosecution against the company....