*CLB judgement on Anil Kr Poddar* Every listed co cs must have heard this name... The CLB, Mumbai Bench has passed an important judicial pronouncement with respect to junking of frivolous tactics of applicant to inspect records of company by acquiring minuscule shares in the case of Anil Kumar Poddar v. Bonanza Industries Ltd. Recent Important Judicial Pronouncement in the field of Corporate Laws CLB junks frivolous tactics of applicant to inspect records of company by acquiring minuscule shares. Anil Kumar Poddar v. Bonanza Industries Ltd. [2015] 132 SCL 47. Facts: The applicant filed application before Company Law Board, Mumbai, seeking to pass an order directing the respondent company to allow inspection of statutory registers and records of the Company and to pass an order thereby awarding exemplary costs upon the respondent company. The respondent company submitted that the applicant was a professional investor and acquired one or two shares of the listed companies purely to create nuisance at the meetings, frighten the directors of criminal action and to illegally extract money from them. Verdict: CLB held that 150 applications (approx.) were still pending against various companies. Presently all the statutory records of companies were available on the MCA’s portal and were open for inspection to all concerned and certified copies could be obtained from the office of the ROC concerned, and yet the applicant kept on filing such applications. Therefore, apparently intension of the applicant is not bona fide and hence CLB had dismissed application. However, CLB noted that this order should not interpret as if he is prevented from approaching the board on bona fide grounds.

*CLB judgement on Anil Kr Poddar*

Every listed co cs must have heard this name...

The CLB, Mumbai Bench has passed an important judicial pronouncement with respect to junking of frivolous tactics of applicant to inspect records of company by acquiring minuscule shares in the case of Anil Kumar Poddar v. Bonanza Industries Ltd.
 
Recent Important Judicial Pronouncement in the field of Corporate Laws

CLB junks frivolous tactics of applicant to inspect records of company by acquiring minuscule shares.

Anil Kumar Poddar v. Bonanza Industries Ltd. [2015] 132 SCL 47.

Facts:
The applicant filed application before Company Law Board, Mumbai, seeking to pass an order directing the respondent company to allow inspection of statutory registers and records of the Company and to pass an order thereby awarding exemplary costs upon the respondent company.

The respondent company submitted that the applicant was a professional investor and acquired one or two shares of the listed companies purely to create nuisance at the meetings, frighten the directors of criminal action and to illegally extract money from them.

Verdict:
CLB held that 150 applications (approx.) were still pending against various companies. Presently all the statutory records of companies were available on the MCA’s portal and were open for inspection to all concerned and certified copies could be obtained from the office of the ROC concerned, and yet the applicant kept on filing such applications. Therefore, apparently intension of the applicant is not bona fide and hence CLB had
dismissed application. However, CLB noted that this order should not interpret as if he is prevented from approaching the board on bona fide grounds.