Company Appeal (AT) (CH) No. 06 of 2021 1 of 22

NATIONAL COMPANY LAW APPELLATE TRIBUNAL

CHENNAI BENCH

Company Appeal (AT) (CH) No. 06 of 2021

[Arising out of Order dated January 05, 2021 passed by the Adjudicating

Authority/National Company Law Tribunal, Hyderabad Bench, Hyderabad

in IA No. 989 of 2020 in Company Petition No.203/241/HDB/2021]

IN THE MATTER OF:

1.

Neeta Shrinivas Zanvar

Flat No.401, 5^th Floor, Janapriya Pramila

Enclave, Uma Nagar, Begumpet

Hyderabad – 500016

…Appellant No.1

2.

Mr Mukund Ghanshyamdasji Maheswari

Flat No.401, 5^th Floor, Janapriya Pramila

Enclave, Uma Nagar, Begumpet

Hyderabad – 500016

…Appellant No.2

Versus

1.

Nagarjuna Agro Chemicals Private Limited

Flat No.302, 3^rd Floor

Ujjwal Bhavishya Complex

Street No.4, Uma Nagar, Begumpet

Hyderabad 500016, Telangana

Lalitha Bloom Field

Khajaguda, Serilingampally

Hyderabad – 500008

…Respondent No.1

2.

Mr Shrikant Gopilal Rathi

9, Bahubali Nagar, Gopuri Nalwadi

Nagpur Road, Wardha – 442001

…Respondent No.2

3.

Mrs Preeti

9, Bahubali Nagar, Gopuri Nalwadi

Nagpur Road, Wardha 442001

…Respondent No.3

4.

Mr Aviraj

9, Bahubali Nagar, Gopuri Nalwadi,

Nagpur Road, Wardha – 442001

…Respondent No.4

Present:

For Appellant

: Mr C. Aryama Sundaram, Senior Advocate for

Mr Manoj Menon Advocate

For Respondent

: Mr Soumendra Nath Mookherjee,

Company Appeal (AT) (CH) No. 06 of 2021 2 of 22

Senior Advocate for R-2

Mr Ratnanko Banerji, Senior Advocate

for R-3 and R-4

Mr K. Gowtham Kumar, Mr Nakul Mohta,

Mr Kanishk Kejriwal, Advocate and

Mr Amit Rajkotia, PCS, Advocates for R-2 to R-4

J U D G M E N T

[Per; V. P. Singh, Member (T)]

This Appeal emanates from the Order dated January 05, 2021, passed

by the National Company Law Tribunal, Hyderabad Bench, Hyderabad in IA

No.989 of 2020 in Company Petition No.203/241/HDB/2021, whereby the

NCLT directed that the Bank Account of the Respondent No. 1 Company be

operated jointly by one representative of Appellants and one representative of

Respondent No. 2 to 4 and directed the Registrar of Companies to investigate

into the affairs of the Respondent No. 1 Company. The original parties status

in the Company Petition represents them in this Appeal for the sake of

convenience.

Appellant's Contention

2.

Respondent No. 2 to 4 herein applied the NCLT, vide IA No. 989 of 2020,

challenging the Board Resolution of the Respondent No. 1 Company, which

among other things, provided for the bank accounts of the Respondent No.1

Company to be jointly operated with the 2^nd Respondent as a necessary

signatory and anyone of the other three Directors of the said Company as a

Co-signatory. Respondent No. 2 to 4 failed to maintain a challenge against the

said Board Resolution in Civil Suit No. 117 of 2020 before the Civil Judge,

Wardha, Maharashtra. After that, an unsuccessful attempt was made to get

Company Appeal (AT) (CH) No. 06 of 2021 3 of 22

the same relief by filing IA 664 of 2020. However, the Respondent filed IA No.

989 of 2020 before the NCLT, wherein the impugned Order has been passed.

3.

The Appellant contends that Respondent No.2 is one of the Directors of

Respondent No. 1 Company, who was the sole Authorised Signatory of the

bank accounts maintained with Punjab National Bank, Wardha, in which

more than 95% of the receivable of the Respondent No.1 Company are

received, has siphoned an amount of ₹ 55,99,68,131/- of the Company to

himself and his related parties (including Respondent No. 3 and 4.).

Respondent No. 2 failed in making the payments to royalty and statutory

dues, including GST. Around 95%