HARI SANKARAN Vs. UNION OF INDIA

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned Order dated 31.01.2019 passed by the National Company Law Appellate Tribunal, New Delhi in Company Appeal (AT) No. 29 of 2019 by which the learned Appellate Tribunal has dismissed the said appeal preferred by the appellant herein - Ex­Director of respondent No. 2 - Infrastructure Leasing and Financial Services Limited (hereinafter referred to as 'the IL&FS ') and has confirmed the order passed by the National Company Law Tribunal, Mumbai Bench (hereinafter referred to as 'the learned Tribunal ') dated 01.01.2019 by which the learned Tribunal allowed the said application preferred by the Central Government under Section 130(1) & (2) of the Companies Act, 2013 (hereinafter referred to as the 'Companies Act ') and has permitted re­casting and re­opening of the accounts of IL&FS, IL&FS Financial Services Limited (hereinafter referred to as the "IFIN ") and IL&FS Transportation Networks Limited (hereinafter referred as the "ITNL ") for the last five years, the original appellant has preferred the present appeal.

(2.) The facts leading to the present appeal in nutshell are as under: That respondent No. 2 - IL&FS is a company incorporated under the provisions of the Companies Act, 1956. That the said company IL&FS has 348 group companies, including IFIN and ITNL. That the said IL&FS is a core investment company and systemically important Non­Banking Finance Company duly approved under the Reserve Bank of India Act, 1931. The said company was promoted by the Central Bank of India, HDFC Ltd., the Union Trust of India. That the said company is holding prominent infrastructure development and finance companies. Over the years, it had inducted institutional shareholders. That the said IL&FS, during the financial year 2017­18 had 169 companies, out of which, 24 companies are direct subsidiaries, 135 companies are indirect subsidiaries, 6 companies are joint ventures and 4 companies are associate companies. That the appellant herein claims to be the Vice­President/Director of IL&FS who has been suspended as the Director of IL&FS and its group companies.

(3.) Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Appellate Tribunal dismissing the said appeal, and confirming the order passed by the learned Tribunal dated 01.01.2019 allowing the application under Section 130 of the Companies Act, the original appellant i.e. the suspended Director/erstwhile Director of IL&FS has preferred the present appeal.