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Chit fund case: NCLT orders winding up of Saradha Group's 13 firms
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SME Times News Bureau | 12 Dec, 2018
The National Company Law Tribunal's (NCLT) city bench has ordered
winding up of 13 defunct companies of the Saradha Group and directed the
official liquidator to take possession of assets and properties of all
these companies.
The group companies are Global Automobiles Ltd,
Saradha Tours and Travels, Saradha Shopping Mall, Saradha Agro
Development, Bengal Media, Saradha Housing, Rose Capital Ltd, Saradha
Construction, Saradha Educational Enterprises, Saradha Garden Resort and
Hotel, Saradha Landmark Cement, Saradha Exports and Bhasank Foods.
The group had mopped up money from over 17 lakh depositors through a ponzi scheme before it collapsed in 2013.
The
Corporate Affairs Ministry had authorised the Serious Fraud
Investigation Office (SFIO) to file winding up petitions against these
companies on behalf of the Centre.
The SFIO had accordingly
filed winding up petitions before the tribunal against the group's
entities to initiate proceedings on the grounds that the affairs of the
companies had been conducted in a fraudulent manner.
The
companies had been formed for "fraudulent and unlawful purpose" and as
such the directors of the respective companies had been guilty of
"misfeasance or misconduct".
"I have minutely gone through the
report filed by the SFIO after thorough investigation of the affairs of
the above companies. The report reveals that the affairs of all the
companies were being conducted in fraudulent manner.
"There is
every reason for me to believe that the companies were formed for
fraudulent and unlawful purpose. The promoters/directors of all the
companies appeared to be guilty of offences of fraud, misfeasance and
misconduct relating to affairs of the companies...
"Hence, I held
that all the above companies are required to be wound up by this
tribunal," Justice Madan B. Gosavi said in his order.
According
to the order, the agency, in its summary report, had produced before the
tribunal details of the irregularities and contraventions of the
provisions of the Companies Act being committed by the promoters and
directors of all holding companies of the group.
After the
investigation, the corporate frauds investigating agency had concluded
that directors of the companies had cheated the public at large,
violated provision of Companies Act, 1956, misappropriated Rs 2,542.62
crore, misappropriated funds of Rs 6.59 crore through illegal transfer
of shares and prepared false financial statements, among others.
Justice
Gosavi also said: "The official liquidator attached to the Calcutta
High Court is appointed as the official liquidator for winding up of all
the above companies with direction to take possession of the assets and
properties of all the companies."
Debjani Mitra was appointed as the official liquidator.
The tribunal has also restrained all the companies from disposing of their assets and properties.
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