virtue of article 37 the Tamil Nadu Industrial Investment Corporation Ltd. ("TIIC") shall have right to nominate two directors on the board ... long as any amounts are owing by the company to TIIC. The other shareholders shall have the right to nominate two directors (other shareholder-directors
availed of certain financial assistance from the Tamil Nadu Industrial Investment Corporation (TIIC). The shares of the family shareholders were pledged with TIIC. Since ... need for issue of additional capital arose at the instance of the TIIC. While the authorised capital was increased from Rs. 30 lakhs
utilised the proceeds, towards discharging the company's liabilities of TIIC and also for the liability towards Canara Bank. In view of this ... lakhs in the course of enjoying the credit facilities from TIIC.
(ii) Diversion of Rs. 15,23,109.62 and misappropriation
resigned from the Board and accordingly addressed a letter of resignation to TIIC, principal creditor of the Company, forwarding a copy of his resignation letter
resigned from the Board and, accordingly, addressed a letter of resignation to TIIC, principal creditor of the company, forwarding a copy of his resignation letter
