- (1.) This is an application with a prayer for issuance of directions to Respondent No. 2 to accept cheques which are being forwarded for his signature and allow release of payments after the approval by the statutory auditors. A further prayer has been made that directions be also issued to Respondent Nos. 2, 3, 5 & 6 to comply with the interim order passed by this Tribunal and not to create obstruction in clearance of payments due to vendors and pass appropriate order asking the respondent to refund in the account of Respondent No. 1-company the amount which have been illegally withdrawn.
(2.) It is appropriate to mention that the petitioner, Respondent No. 2 and Respondent Nos. 5 to 7 are 33% shareholders in the Respondent No. 1-company. The petitioner has approached this tribunal by filing C.P. No. 97(ND)/2016. During the course of the hearing of the petition we have passed interim order to facilitate the parties to run the financial affairs of the company smoothly. A reference in this regard has been made in the order dated 8.7.2016 and 9.8.2016. It is pertinent to read para 3 and 4 of the order dated 9.8.2016 which are as under:- 3. The amount of the cheque drawn by any one group of persons like Mr. Anant Nath or Mr. Paresh Nath from the Petitioner side would not exceed Rs. 50,000/-. Likewise, Mr. Rohit Nath or Mr. Divesh Nath would be entitled to draw cheques of the same amount. The third group namely Rakesh Nath or Ms. Divya Chand would also be entitled to do the same. Thus all the three groups representing 33% shareholding have been allowed to draw cheques for the aforesaid amount. 4. It is further agreed that if any cheque beyond the amount of Rs. 50,000/- is to be issued, then it has to be signed by either of two persons belonging to the first group alongwith any one of the two persons from second or third group. Likewise, any one of the two persons from second or third group can also draw cheque for a sum exceeding Rs. 50,000/- which has to be signed by any one of the two from first group namely Mr. Anath Nath or Mr. Paresh Nath. In case there is an objection to the signing of cheques, it should be raised in writing and the cheque should be referred to the Statutory Auditor within 48 hours. The statutory auditors then shall decide the objection within 72 hours from its receipt. The cheque shall be then dealt as per the decision of the Statutory Auditors."
(3.) A perusal of the aforesaid paras would show that all the three groups were allowed to withdraw under their individual signatures a sum not exceeding Rs. 50,000/-. The arrangement for the amount beyond Rs. 50,000/- was worked out in para 4. Accordingly it was provided that the petitioner group may issue a cheque beyond a sum of Rs. 50,000/- then it has to be signed atleast one of the two persons belonging to the second or third group. Likewise anyone of the two persons from second and third group could also draw cheque for a sum exceeding Rs. 50,000/- which was to be countersigned by one of the two persons from the petitioner group. In case of objection for signing of cheques it was required to be raised in writing and then the cheque was required to be referred to the Statutory auditor within 48 hours. So the objection was required to be decided by the Statutory auditor within 72 hours from its receipt and the cheque was to be dealt with as per the decision of the Statutory auditor.;