FIDAALI MOIZ MITHIBORWALA Vs. ANGEL EXIM PVT LTD AND ORS
LAWS(NCLT)-2017-2-24
NATIONAL COMPANY LAW TRIBUNAL
Decided on February 06,2017

Fidaali Moiz Mithiborwala Appellant
VERSUS
ANGEL EXIM PVT LTD AND ORS Respondents

JUDGEMENT

- (1.) The petitioner filed CA 147/2016 seeking amendment of main CP to add paras in relation to the allegations mentioned below: "* To add para-c mentioned in the application in Page-8 of main CP as to "As of now..." to say that the Petitioner was not present in the meeting held on 14-2-2015, wherein he was shown as removed as a Director. * To add that the respondents have not prepared and got the audited the final accounts for the financial years 2014-15 and 2015-16 and not filed annual returns for the said years. * To add that the Petitioner has found a huge sum of Rs.137 crores is due and payable by the debtors of the company to the company. * To add R2 started a new company Gujrat Lumber Private Limited carrying on the same business as that of the company and diverting the business of the company to the said company causing huge loss to the company and further saying R2 is making high seas sales from the company to R1 and a sum of about Rs.5 crores is payable by the said company to R1 on account of dubious transactions between the two companies. * To add R2 and R4 have committed fraud in managing the affairs of the company, therefore, they are liable to be punished u/s. 441 of this Act. * To add relief V to direct the respondents to recover dues of the company from its debtors with a direction to such debtors to pay the amounts of such debts to the banks directing to the loans taken for funding such debtors. * To add relief "n" to pay the amounts outstanding and payable to the bank only after payment of the amount recovered from the debtors. * To add para "o" for appointment of a retired Judge of a High court to determine the amount loss caused to the company by the mismanagement of the affairs of the company by R2 and R4. * To add para "p" to direct R2 to produce the books of accounts of Gujarat Lumber Private Limited since its inception. * To add para "q" to convene AGMs for the years 2015 and 2016 and to place the audited final accounts of the company in the said AGMs. * To delete prayer clause c in final reliefs which is in relation to a direction seeking against R2 and R3 to purchase the shares of the petitioner at the fair value as may be determined by this Bench by engaging a firm of Chartered Accountant or to direct R2 and R3 to sell their shares to the petitioner at fair value as determined by this Bench and also to compensate R1 for the loss sustained by R1 due to inefficient management by R2 and R3. * To add relief to declare that the Petitioner has not resigned as a Director of the company and continues as a Director without any break and direct the reinstatement of the petitioner as Director of the company. * To add relief to direct R2 and R4 to bring to the account of the company the amounts received by them from the Debtors of the company which are misappropriated by them and not brought to the company. * To add relief to direct R2 and R3 to compensate for the losses caused to the company. * To add a relief for appointment of an Administrator to look after the affairs of the company to the exclusion of R2, R3 and R4 pending the hearing and final disposal of this C.P."
(2.) The Petitioner counsel submits that the above amendments are necessary for the adjudication of the real controversy involved in the main petition and also submits that these amendments will not cause any prejudice to the respondents herein.
(3.) On perusal of this application, it is evident that this petitioner asking amendments to improve the case of the petitioner, to insert new material facts giving new cause of action to the petitioner to enlarge his case on some other grounds as well and also to delete the reliefs which he now feels inconvenient to the petitioner.;


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