TaxTMI 
TaxTMI 
2026 (1) TMI 1093
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion No. 15 of 2024 whereby the Petition filed under Section 213(b) of the Companies Act, 2013 was dismissed as being not maintainable even without issuance of notice to the respondents. 2. The Appellant had filed the Petition seeking investigation into the affairs of the R-l Company, alleging its business was being conducted with intent to defraud creditors and stakeholders, and the management had engaged in manipulation of statutory records, false certifications, and multiple non compliances under the Companies Act, 2013. 3. It is argued the Appellant/Petitioner had submitted detailed documentary evidence, including multiple false and contradictory statutory filings, illegal allotment of shares, incomplete audit reports, and non-fili....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d Petrofer Limited ("the Company") is conducted with an intent to defraud creditors and other persons, or for fraudulent or unlawful purposes. 6.2. Section 213(b) of the Companies Act, 2013 provides that the Tribunal may order investigation into the affairs of a company if it is of the prima facie opinion that the business of the company is being conducted with intent to defraud creditors, members or any other persons or otherwise for a fraudulent or unlawful purpose or in a manner oppressive to any of its members or that the company was formed for any fraudulent or unlawful purpose. 6.3. The Petitioner claims status as a creditor trading as Jalaram Jari Industries and alleges non-payment of advances leading to dishonour o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....editors or unlawful purpose under Section 213(b). The banker's role (Respondent No. 6) is alleged without evidence of reliance on fabricated documents specific to the Petitioner's transaction. 6.5.4. The Tribunal has also noted the preliminary findings of professional bodies such as ICSI and ICAI. But this pertains to certification lapses, not overarching fraud by the company or directors. The ICAI complaint remains under consideration without findings. 6.5.5. However, it is specifically noted that the petitioner has claimed dishonour of several cheques issued by the respondent company, United Petrofer Limited, as evidence of non-payment of debts. However, this Tribunal observes that such dishonoured cheques, while....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ll strictly within the purview of contractual or civil disputes and not under the purview of fraud as envisaged by Section 213(b) of the Companies Act. 7. We have heard the arguments and perused the material and we are in conformity with the findings in the impugned order. We are also of the view the allegations merely relate to the recovery of dues or dishonoured cheques as non- compliance of statutory nature/regulatory lapses are very well enforceable by the ROC under Section 92, 137 and 454 of the Companies Act, 2013 and there is no prima facie evidence of any systematic fraud with an intention to prima facie defraud its members, creditors or any other stake holders. The appellant has already filed complaints before the said statutory....