The Tribunal lacks jurisdiction to adjudicate cases involving allegations of forgery and fraud, which require detailed evidence, and the petition was dismissed for not meeting statutory requirements under the Companies Act.

ORDER

PER: BACHU VENKAT BALARAM DAS, MEMBER (JUDICIAL)

1. This Petition has been filed by Mrs. Urvashi Sagar, the Petitioner before this Tribunal under the provision of Section 241 of the Companies Act, 2013 read with Sections 242 and 244 of the Companies Act, 2013 read with Rule 81 of the National Company Law Tribunal Rules, 2016. The Petitioner seek the following prayers:

“RELIEFS SOUGHT

In view of the facts mentioned above, the Petitioner most humbly prays that this Hon’ble Tribunal may be pleased to:

(a) Quash the illegal transfer of shares of Late Shri Jugal Kishore in the name of the Respondent No. 4 and declare the same as null and void;

(b) Direct the Respondents to restore the shares of Late Shri Jugal Kishore, fraudulently transferred in the name of the Respondent No. 4, to the Petitioner;

(c) Quash the illegal transfer of amount of Rupees 26.80 lakhs from the Bank account of Late Shri Jugal Kishore and declare the same as null and void;

(d) Direct the Respondents to recompense the amount of Rupees 26.80 lakhs fraudulently transferred after the demise of Late Shri Jugal Kishore in the name of Petitioner;

(e) Direct the Respondents to pay the entire credit balance of Rupees 1,32,24,095 due as per the balance sheet for the year ended 31st March 2018 of the Respondent No. 1 in the name of Petitioner;

(f) Direct Respondents to release possession of all the share transfer certificates of shares owned by the Late Shri Jugal Kishore and handover the same to the Petitioner;

(g) Direct the Respondents to transfer all the shares currently held in the name of Late Shri Jugal Kishore, in the name of the Petitioner;

(h) Direct the Respondents to repay the amount of Rupees 95 lakhs along with interest in terms of the legal notice dated 02.07.2019;

(i) Direct the Respondents to immediately clear all dues vide loan of Rupees 2,01,00,000 on 05.01.2017, Indiabulls Housing Finance Limited Loan no. HLLANO100301227 and Loan amount of Rupees 1,00,75,000 on 05.08.2017 vide Indiabulls Housing Finance Limited Loan no. HLLALAJ00343563 in order to un-pledge the property of the Petitioner and release it from mortgage;

(j) Direct the Respondents to handover the property documents of Plot No. 25, Sector 18, Udyog Vihar, Gurgaon, free from all encumbrances to the Petitioner;

(k) Direct the Respondents to indemnify the losses suffered by the Petitioner;

(l) Award costs of the petition in favour of Petitioner and against Respondents, holding them jointly and severally liable; and/or

(m) Pass such other/further orders/directions, which this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the present Petition;

INTERIM RELIEF

In view of the facts stated hereinabove, the Hon’ble Tribunal may be pleased to allow the following reliefs on urgent basis:

(a) Allow Petitioner or her authorised representative to inspect the books of records of the Respondent No. 1;

(b) Order the Respondents on ad interim basis to keep the amount of Rupees 95 lakhs in safe custody; and/or

(c) Pass such other/further interim orders/directions, which this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the present Petition.”

2. Brief Background of the Case:

The facts that are relevant for the determination of the issues involved in the Petition are stated as follows:

i. The Petitioner, Mrs. Urvashi Sagar, is a shareholder of Respondent No. 1, presently holding 1710 shares. Furthermore, the Petitioner is also the legal heir and legal representative of her husband Late Sh. Jugal Kishore Sagar, who was a Director and Shareholder of the Respondent No. 1. The demised husband of the Petitioner held 68900 shares of the Respondent No. 1 as on year ending 31^st March 2017.

ii. Respondent No. 1, M/s. Imperial Fastners Private Limited, is a company