PRADIP KUMAR BAJAJ Vs. DOLOO TEA CO (INDIA) LTD
LAWS(NCLT)-2016-9-8
NATIONAL COMPANY LAW TRIBUNAL
Decided on September 09,2016

PRADIP KUMAR BAJAJ Appellant
VERSUS
DOLOO TEA CO (INDIA) LTD Respondents

JUDGEMENT

P.K. Saikia, Member - (1.)This application under section 167 of the Companies Act, 1956, hereinafter referred to as the Act of 1956, has been filed seeking the following reliefs:
"(a) An order be passed directing the said company to forward its audited balance sheets for the financial year 2007-2008 for being passed;

(b) An order to be passed directing the said company to convene it's Annual General Meeting of the members and shareholders of the said company for the years 2007-2008 till 2014-2015 and to discuss the audited balance sheets and financials of the said company for the aforesaid financial years;

(c) If necessary, copies of this Application be served upon the Registrar of Companies, Shillong having its address at Morello Building, Ground Floor, Shillong-793001;

(d) An order be passed restraining the Registrar of Companies, Shillong and Registrar of Companies, West Bengal, not to issue any penal notices under the Companies Act, 1956 and also not to proceed with any criminal case against your petitioner till the disposal of the instant application;

(e) Ad-interim orders in terms of prayers above;

(f) Costs and incidental to this application be paid by the respondent;

(g) Such further and/or other orders or directions be passed as this Hon'ble Bench may deem fit and proper."

(2.)The brief facts as stated in the petition are as follows:
M/S. Doloo Tea Company India Limited (hereinafter referred to as the "Company" has been engaged in business of manufacturing, processing, producing and packaging of tea. Its authorized, issued, subscribed and paid up share capital is Rs. 4,50, 00,000/- and made up of 45,00,000 Equity Shares of Rs. 10/- each. Initially, the company was a family company of Patel Brothers. However, due to infighting in between the Patel brothers and also due to alleged improper management of the company, the company ran into serious financial difficulties.

(3.)In such a scenario, the company could not repay the loan taken from UCO Bank, Brabourne Road Main Branch (hereinafter referred to as UCO Bank). For the inability of the company to repay the loan, UCO Bank had issued notice under Scrutinization and Reconstruction of Financial Assets and Security Interest Act, 2002 (in short, the SRFASI Act) against the company.
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