Case Law Details
Rathna Textile Mills Private Limited Vs V.R.A.R. Ramakrishnan (NCLAT Chennai)
NCLAT Delhi held that Notices were never served on the Petitioner/Respondent as there are no ‘Proofs of Receipt’, filed by the Appellant.
Facts- A Company Petition was filed by the Petitioner Shri V.R.A.R. Ramakrishnan, against the Respondents under Sections 397 and 398, read with Sections 402 and 406 of the Companies Act, 1956, challenging the transfer of Shares effected; allotment of shares and Appointments made by the Board in the year 1995-96.
It was averred that the Company never commenced its business and that the Registrar of Companies (“ROC”) issued a ‘Show Cause Notice’ in the year 1989, under Section 433(c) read with Section 439(e) of the Companies Act, 1956. It was submitted by the Petitioner that Late Shri. T.S. Rathnasabapathy had sold the machinery of the Company for a less price, on account of which the Petitioner issued a Legal Notice to him on 02/02/1990.
The NCLT has allowed the Company Petition.
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