CRESSANDA SOLUTIONS LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) The respondent-companies, being shell companies having no real function and/or existence, were struck off from the register of companies. Some of them were revived later. All of them were shareholders of the petitioner no. 1-company.

(2.) The grievance of the petitioners is that despite having been struck off, the shell companies have been transacting with shares of the petitioner no.1, thereby adversely affecting the commercial interests of the petitioner no.1-Company, which amounts to financial fraud and corporate offence.

(3.) Despite the petitioners having complained repeatedly to the respondent-Authorities, no action has been taken on such behalf.