Document Fragment View

Matching Fragments

 The amounts were transferred with a dishonest and fraudulent intention to cause wrongful loss to the 3 KL,J Crl.P.Nos.6450_2019 & 6121_2020 company and consequent wrongful gain to the petitioners by playing deception on the company. Later on, as an afterthought, coloured it as bonus/ex gratia with antedated documents without passing a proper board resolution to pay such amounts which anyway cannot be passed as all the above being the interested parties to the board resolution.

CONTENTIONS OF RESPONDENT No.2:

9. Sri S.Ravi, learned Senior Counsel representing Sri Duvva Pavan Kumar, learned counsel for respondent No.2, would submit that as per the Memorandum and Articles of Association of ABCPL, the petitioners have to take approval of the board resolution, but without doing so, they withdrew the huge amounts illegally, as such, they have caused wrongful loss to the Directors and shareholders of the company and gained wrongfully. The petitioners withdrew the said amount by taking shelter under payment of bonus/ex gratia to the employees of ABCPL, and in the said course of action, they have created antedated documents without passing a proper board resolution to pay the said amount. The amount misused by the petitioners is almost equivalent to the profits of two financial years. This is nothing but fraudulently drawing the amounts by abusing their power as Whole Time Directors and also taking advantage of their powers to sign the cheques.
(iv) whether there is any requirement of approval of shareholders and Directors of the company for the purpose of payment of bonus/ex gratia in terms of Memorandum and Articles of Association of the company.?
(v) whether the petitioners have created documents to show that they have withdrawn the said amount and paid bonus/ex gratia to the employees/Directors and officers and whether they have created any antedated documents?
(vi) The Investigating Officer has to record the statements of the employees, officers, Directors etc. of the Company to come to a conclusion with regard to payment of bonus/ex gratia. He has to collect the evidence with regard to said factual aspects.