CRYSTAL DWELLINGS PRIVATE LIMITED Vs. SURAT SINGH MALHOTRA

JUDGEMENT

(1.) Heard Mr. A.Venkatesh learned counsel for the appellant and Sri S.Ravi learned senior counsel for the respondents.

(2.) The appellant is the company, registered under the provisions of The Indian Companies Act, 2013, represented by Sri Mahesh Kedia, Managing Director of the company. The first respondent was initially appointed as Managing Director of the petitioner company on 2/5/2015 and subsequently, his term was extended for a period of five years with effect from 2/5/2019 to 1/5/2024.

(3.) Appellant alleges that during his tenure, the first respondent has committed several illegalities, played fraud and acted against the interest of the appellant company, misappropriated crores of rupees belonging to the appellant by withdrawing them or depositing them into his own account or to his family members' accounts, increased his shareholding from 1,25,000 shares to 19,65,000 shares illegally. The first respondent misused his capacity as Managing Director of the company and had transferred lands belonging to the appellant company illegally in his favour and in favour of his family members, who are the respondents 2 to 6 herein.