Sridharan.V v. The Secretary

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED : 10.12.2021

CORAM

THE HONOURABLE MR.JUSTICE S.M.SUBRAMANIAM W.P.No.17861 of 2015 Sridharan.V ... Petitioner Vs 1.The Secretary, Ministry of Corporate Affairs, Dr.Rajendra Prasad Road, Shastri Bhawan, New Delhi-1.

2.The Official Liquidator, High Court, Madras, (provisional Liquidator of Zylog Systems Limited) 3.The Registrar of Companies, Shastri Bhavan, Haddows Road, Nungambakkam, Chennai.

4.The Secretary, Department of Revenue, Ministry of Finance North Block, Rajpath Road, New Delhi.

5.The Chairman, Security and Exchange Board of India, Plot No.C-4A, G Block, Near Bank of India, Bandra Kurla Complex, Bandra East, Mumbai - 400 151.

6.The Regional Director, Enforcement Directorate, Shastri Bawan, Haddows Road,

7.The Chairman, Shamrao Vithal Bank, S.V.C. Tower, Nehru Road, Vakola, Santa Cruise East, Mumbai - 400 055.

8.The Manager, Shamrao Vithal Blank, Nungambakkam Branch, Ground Floor, Mootha Centre, Kodambakkam High Road, 9.The Chairman, Karur Vysya Bank, Erode Road, Karur - 639 002.

10.The Manager, Karur Vysya Bank, Sholinganallur Branch, OMR Road, Chennai - 600 119.

11.Ramanujam Sesharathnam, Former Managing Director, Zylog Systems Limited, A Company under provisional liquidation in CP 372 of 2013 155, Thiruvalluvar Salai, Kumaran Nagar, Sholinganallur, Chennai - 600 119.

12.Gajanathan, Former Director - Zylog Systems Limited, A Company under provisional liquidation in CP 372 of 2013 155, Thiruvalluvar Salai, Kumaran Nagar, Sholinganallur, Chennai - 600 119.

13.Subramanian, Former Director - Zylog Systems Limited, A Company under provisional liquidation in CP 372 of 2013 155, Thiruvalluvar Salai, Kumaran Nagar, Sholinganallur, Chennai - 600 119.

... Respondents

PRAYER : Writ Petition filed Under Article 226 of the Constitution of India, to issue a Writ of Mandamus, directing the 1st respondent to conduct full-fledged investigation into the allegations of financial management of the Company by the respondents 11 to 13 ex-directors of the Company with the assistant of respondents 2 to 6.

For Petitioner : Mr.S.Murugan For Respondents R1 : M.J.Madanagopal Rao Senior Panel Counsel R2 : Official Liquidator R5 : Mr.V.Suresh for M/s.Shivakumar and Suresh R6 : Mr.N.Ramesh Special Government Pleader R8 : Mr.P.R.Balasubramanian R9 & R10: Mr.A.V.Radhakrishnan R3, R4, R7, R11 R12 & R13 : No appearance

O R D E R

The relief sought for in this writ petition is to direct the 1st respondent to conduct full-fledged investigation into the allegations of financial management of the Company by the respondents 11 to 13 ex-directors of the Company with the assistant of respondents 2 to 6.

2.The learned counsel for the 5th respondent brought to the notice of this Court is that an officially liquidator was appointed and subsequently, this Hon'ble Court appointed an Administrator, who in turn submitted a report stating that it is not viable to restore the company. The said report filed by the Administrator is under consideration before the Company Court.

3.This being the factum, the relief as such sought for in the present writ petition need not be considered and the petitioner is at liberty to raise all the grounds before the Company Court by initiating all appropriate actions. 4.Accordingly, the Writ Petition stands dismissed. No costs.

Sd/- Assistant Registrar(CS-VII) // True Copy // Sub Assistant Registrar cse To 1.The Secretary, Ministry of Corporate Affairs, Dr.Rajendra Prasad Road, Shastri Bhawan, New Delhi-1.

2.The Official Liquidator, High Court, Madras, (provisional Liquidator of Zylog Systems Limited) 3.The Registrar of Companies, Shastri Bhavan, Haddows Road, Nungambakkam, Chennai.

4.The Secretary, Department of Revenue, Ministry of Finance North Block, Rajpath Road, New Delhi.

5.The Chairman, Security and Exchange Board of India, Plot No.C-4A, G Block, Near Bank of India, Bandra Kurla Complex, Bandra East, Mumbai - 400 151.

6.The Regional Director, Enforcement Directorate, Shastri Bawan, Haddows Road, 7.The Chairman, Shamrao Vithal Bank, S.V.C. Tower, Nehru Road, Vakola, Santa Cruise East, Mumbai - 400 055.

8.The Manager, Shamrao Vithal Blank, Nungambakkam Branch, Ground Floor, Mootha Centre, Kodambakkam High Road, 9.The Chairman, Karur Vysya Bank, Erode Road, Karur - 639 002.

10.The Manager, Karur Vysya Bank, Sholinganallur Branch, OMR Road, Chennai - 600 119.

+1cc to Mr.A.V.Radhakrishnan, Advocate SR.No.65942 +1cc to Mr.P.R.Balasubramanian, Advocate SR.No.66209 W.P.No.17861 of 2015 BS(CO) CB(27/12/2021)