- (1.) FACTS :
(2.) The appellant filed an application before the learned Single Judge proposing a scheme of amalgamation with Magic Tradelink Pvt. Ltd. and Moonlite Technochem Pvt. Ltd. both having registered office at New Delhi. We were told, Delhi High Court already directed meetings to be held to ascertain the wishes of the shareholders. The application before this Court was on behalf of the first transferor company who would intend to amalgamate itself with Moonlite. The learned Judge initially directed the Registrar of Companies to conduct an investigation and file a report. Accordingly, the Registrar filed a report on April 3, 2012. The report would reveal, the company had issued share premium to large number of companies mostly private companies on the same day and used funds for investments to a small extent and made advances to others. There were crores of investments involving a large number of private companies. His Lordship directed the Director, Revenue Intelligence to conduct an enquiry as to whether there was any money trail. The company preferred an appeal. On August 8, 2012 we disposed of the appeal by observing, "in case His Lordship would pass any order on the basis of the report His Lordship should give opportunity to the appellant to deal with the same before any order was passed against them. On August 31, 2012 His Lordship expressed displeasure as the Director, Revenue Intelligence did not carry out the order of this Court. His Lordship directed the Ministry of Corporate Affairs to do so.
(3.) Accordingly, the Ministry of Corporate Affairs asked the SFIO to conduct such investigation. SFIO submitted a report inter alia pointing out irregularity in the affairs of the company. The matter came up before His Lordship on March 21, 2013 when the said report was placed. His Lordship directed the reports to be kept in a safe custody.;