TaxTMI 
TaxTMI 
2026 (9) TMI 1935
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....nsel for R6, Mr.S.Raja for R8, No Appearance for R4, R5 and R7 ORDER The National Company Law Tribunal, Division Bench-I, Chennai [hereinafter referred to as "the NCLT"], which is seized of the proceedings in Company Petition Nos.TCP/75/2016, TCP/87/2016 and CA/1238/2019 filed by the petitioner, and CP/IBA/363/2019 filed by the Union Bank of India, is directed to keep the proceedings in abeyance, as there are prima facie indications that the third respondent Company was demerged and vested in the eighth respondent Company pursuant to the order dated 08.04.2011 passed in Company Petition Nos.153 and 154 of 2010. 2. The petitioner appears to be a shareholder of the third respondent as well as the eighth respondent, which was the resu....
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.... is reproduced below: The Company under investigation has failed to file its statutory documents i.e. financial statements and annual returns after 2008-09 to till date. The balance sheets available in the MCA database are not duly signed by the Auditor and Directors of the Company. only sd/- copy of the balance sheet are attached with the e-form 23AC and filed with the Registrar of Companies, Tamil Nadu, Chennai. Hence, the authentication of the financial statement of the Company filed with the registrar is doubtful. Further, no e-form 23B/ADT-1 has been filed by the auditors of the company against their appoint as Statutory auditor of the Company. The letter issued by the Investigating Officer to Axis Bank to provide det....
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....no. 1238 of 2019 seeking an investigation on the company as the applicant have reasonable grounds, to believe that the affairs of the company have been conducted in a fraudulent manner, Shri. KPS Manoharan and five others [the shareholders and family members of the respondent company) filed the case against the company and its directors including Ministry and Registrar of Companies, Tamil Nadu, Chennai as one of the respondent before the NOLT, Chennai, The present status of the case is pending and next date listed for hearing is fixed on 30.11.2022. Hence, the family dispute / oppression and mismanagement of the company should be addressed by the NCLT at this stage and the final order by the NCLT, Chennai Bench would able to provide answer ....
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....(MD) No.15672 of 2025 in W.P.(MD) No.15448 of 2025. Ultimately, the said Writ Petition was disposed of by this Court by order dated 22.10.2025. In paragraph 3 thereof, this Court observed as under: ''3.I am of the view that it is the Central Government that will have to take the first call in the matter before the impugned report is judicially tested and scrutinized. I, therefore, direct the Secretary, Ministry of Corporate Affairs, Union of India or any other authorised officer to examine the report submitted by Shri.Joseph Jackson. If the Central Government is of the view that the mandate issued by it vide order dated 05.05.2020 has not been complied with, it is bound to scrap the same and appoint a new inspecting officer. But th....
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....or at the instance of respondents 6 and 7. The private respondents, namely, the respondents 3 to 5, have not entered appearance despite service of notices upon them. 12. It further appears that the substratum of the third respondent Company has been completely eroded and, therefore, in all probability, the third respondent Company may also have to be wound up and liquidated on the ground of just and equitable cause under Section 271 of the Companies Act, 2013, and Section 59 of the Insolvency and Bankruptcy Code, 2016. 13. As regards the liquidation of the eighth respondent Company, the same has to be completed in a timely manner in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, since the financial credito....