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Judgment
Heard the Counsel for the Petitioner, Mr. Nithish Bangera and from the Respondent side Mr. Gauraj Shah.
It appears on preliminary hearing that this matter relates to some loan given by some third party to the Petitioner Company commencing October 2018 in various tranches. The Petitioner claims that the third party handed this amount by way of Deposit. The Counsel for the Respondent mentions that for the last three months settlement talks are also going on between all the concerned parties, i.e. Petitioner, Respondent and the third party. During the course of hearing the Counsel for the Petitioner mentions that the Cheque Book and the Internet Password is in possession of the Respondent and that it should be given back to the Petitioner, who is handling the affairs of the Company. To this, the Counsel for the Respondent agreed. However, he also mentioned that as per his knowledge there is no cheque book of the Petitioner Company in possession of the Respondent.
This Bench observes that both the parties have agreed to the fact that the cheque book and password should remain with the Petitioner Company and not the Respondent. Therefore, this Bench directs that the cheque book/password with the Respondent be handed over to the Petitioner.
This Bench is of the view that there is no Oppression and Mismanagement in this case, therefore, the Petition u/s. 241-242 of the Companies Act, 2013 may not be tenable. This Bench directs all the three parties concerned to settle the dispute relating to the payment of about Rs. 95 Lakh amicably.
Counsels of both the parties agreed regarding the Cheque book and the Internet Banking password, and also agreed that they would come to an agreed formulation, which can be considered as part of the Order by this Bench.
Matter is adjourned to 04.08.2020 for further hearing.