State Bank Of Mauritius Ltd., v. Zylog Systems Limited
Company Applications Nos. 84 of 2014, 897 of 2014, 298 of 2018, 127 to 129 of 2019 & 364 of 2019 K. KUMARESH BABU,J.
Company Application Nos.84 of 2014 is filed for appointment of an Official Liquidator to conduct the affairs of the respondent company; Company Application No. 897 of 2014 is for appointment of an Administrator; Company Application No. 298 of 2018 is to direct the respondent to constitute a new Board of Directors duly represented by the shareholders of the company; Company Application No. 127 of 2019 is for a direction to the learned Administrator to handle the affairs of the company without the involvement of additional Directors until the audit by independent auditor is over; Company Application No. 128 of 2019 is to permit the learned Official Liquidator to take over the affairs of the company only after such audit is over; Company Application No. 129 of 2019 is for an order to dissociate the relatives of the Directors from their 1\4
positions in the company and their subsidiaries and Company Application No. 364 of 2019 is for a direction to the learned Official Liquidator to ensure that the two independent Directors Mr. Srikanth and Mr. Srihari do not get involved in the operations of the company or its subsidiaries. 2.
An Administrator has been appointed to handle the affairs of the company as early as in the year 2015 and the learned Administrator has been managing the affairs of the Company along with the learned Official Liquidator in getting administrative sanctions. However, the learned Official Liquidator in his report has indicated that subsequently, the order was modified and the learned Administrator has been acting independently except for getting approval for making payments. 3.
In such circumstance, I am of the considered view that Company Applications Nos. 84 of 2014, 897 of 2014, 298 of 2018 and 127 to 129 of 2019 need not be kept pending any further as the learned Administrator is filing his reports periodically before this Court. Hence, 2\4
they are closed.
4.
As far as Company appplication No. 364 of 2019 is concerned, already, this Court had passed an order of injunction in Company Application No. 980 of 2016 dated 04.01.2019 restraining the 3rd and 4th respondents therein, who are the named persons in this application from K. KUMARESH BABU,J.
nv getting involved in the operations of the company and subsequently, they have also resigned from the company . Hence, Company Application No. 364 of 2019 is closed as having become infructuous. 5.
Post all other pending applications on 16.08.2024. 12.08.2024 nv 2/2 Company Applications Nos. 84 of 2014, 897 of 2014, 298 of 2018, 127 to 129 of 2019 & 364 of 2019 3\4
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