SAFIQUL ISLAM (MD). Vs. STATE OF ASSAM

JUDGEMENT

(1.) In the present writ petition the petitioner has, inter alia, prayed for a writ in the nature of certiorari for transmission of record to this Court so that the order dated April 7, 2015 issued by the respondent no. 2 and the order dated March 3, 2014 issued by the respondent no. 3 respectively may be set aside and a writ in the nature of mandamus for quashing the above two orders.

(2.) The petitioner is a joint venture company and is engaged in the business of manufacturing, selling and leasing containers and equipments. Sri Gopal Krishna Mukherjee, total losses, i.e., the respondent no. 5 was in the employment of the petitioner company from the year 1995. In Aug., 2006, the Board total losses, of Directors appointed him as Manager and Chief Operating Officer and in the next year he was nominated to be appointed as the Managing Director and Chief Executive Officer on the Board of the petitioner company. On Nov. 10, 2009, he submitted his resignation giving three months notice and on Nov. 20, 2009, some senior management executives of the company disclosed to its Chairman that some of its outstandings as shown in the accounts of the company were not collectable as these were fictitiously created with a view to inflating profits. Other financial irregularities were also brought to the fore.

(3.) The Board of Directors, therefore, decided to initiate an independent enquiry which started in Dec. 2009. Various incriminating materials were unearthed total losses, against the respondent no. 5 which resulted in substantial financial loss to the company and substantial financial gain to himself by misusing his power. The petitioner has given details of the alleged financial manipulations by the respondent no. 5 as a result of which the company has suffered huge loss on various counts.