2023 (7) TMI 1296

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....jecting to the Petitioner's application for permission to travel abroad. The relevant portion of the affidavit dated 30.06.2023 implicating the Petitioner for divulging of funds reads as under:- "h) That the 11.78 crores amount was diverted to Mr. Nipun Singhal (KMP) and his Private Ltd Companies. The money was transferred to Mindage Solutions Pvt Ltd against Bogus / fake consultancy bills through banking channels. The management of the company divided and booked these bogus / fake consultancy bills in LEEL Electricals Limited ("LEEL") and Fedders Electric and Engineering Ltd (R -10 in the Company Petition filed by MCA) formerly known as Fedders Lloyd Corporation Limited. ("FEEL"). S No Particulars Amount Remark 1 ....

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.... xxx k) Further, as per the Inspection Report, Mr. Nipun Singhal, Whole-Time Director of LEEL Electricals Limited siphoned off Rs 5.42 Crores out of LEEL Electricals Limited by raising fictitious consultancy invoices from his private limited companies during financial year 2017-18. Company paid incentive to Mr. Nipun Singhal of Rs 0.70 Crores during financial year 2017-18. Fedders Electric & Engineering Ltd also paid to his private limited companies against fictitious consultancy invoices of Rs 5.66 Crores out of money diverted to Fedders Electric and Engineering Ltd by LEEL Electricals Limited during financial year 2017- 18. 1) Further, Mr. Nipun Singhal was the director of Mindage Solutions Private Limited. His wife....