Case Law Details
1. A company by the name of Padmini Packaging Pvt. Ltd. changed its name to Padmini Polymers Pvt. Ltd. on December 23, 1992. It changed its name with effect from June 14, 2000 to Padmini Technologies Ltd.
2. When named Padmini Polymers Pvt. Ltd. the company invited applications on June 20, 1999 for allotment of 1,80,00,000 preferential shares for cash at par. These shares were listed for trading at Delhi Stock Exchange on December 23, 1999 and with the Bombay Stock Exchange on December 30, 1999 on the strength of three certificates issued by the respondent. The certificate dated June 30, 1999 certified that the company received Rs. 8,52,50,000/- as share money in respect of the preferential shares. The language of the certificate issued by the respondent reads, inter-alia, as under:-
“……… On, the basis of our verification, we certify that the Company had already received Rs. 8,52,50,000/- Share money in respect of Preferential issue of 2,00,00,000 new Equity Shares of Rs. 10/- per share aggregating Rs. 20, 00,00,000/-, as per details given below:
Ideally this criminal conduct deserves criminal punishment of few years in jail, rather than only removal of name from CA list.