Ratakonda Murali, Member - (1.) This application is filed by the petitioner in the main petition praying this Tribunal for a direction to the respondents to (i) produce all its books of accounts and other relevant books and papers and financial statements for the financial years 2014-15 and 2015-16 for inspection by the petitioner and (ii) to permit the applicant to take relevant extracts thereof and give the required assistance to the applicant in connection with the inspection in the interest of justice and equity.
(2.) The averments made in the application are briefly stated as under: That the petitioner and his son have filed the above Company Petition alleging oppression and mismanagement against the respondents. The applicants had sought from the respondents all its books of accounts and other relevant books and papers and financial statements for the financial years 2014-15 and 2015-16 for inspection and also for taking the relevant extracts of the same and to cooperate with the applicants in the above exercise.
(3.) It is averred that the petitioner is one of the Directors of the company and the company has failed to comply with its statutory obligation of furnishing the relevant extracts and details of books of account and other documents and financial information to its Board of Directors, particularly the applicant for their perusal and to enable them to take a decision and approve the accounts. It is also averred that despite several requests the respondents have failed to furnish the above information to the applicant thereby, failed to comply their statutory obligation cast upon them. It is averred that under Section 128 of Companies Act, 2013, it is the statutory right of the applicant as a Director of the Company to inspect the books of accounts and other books including the financial information and the respondents are statutorily duty-bound to furnish the above information and cooperate with the applicant in this exercise. The respondents have thus, failed to comply this statutory obligation. Hence, this application.;