before the company law board - Company Law Board Mumbai Bench

9present petition is not maintainable as it is barred by limitation in as much asthe present petition has been filed after a lapse of about seven years and nocontinuing cause of action of maintaining the present petition has beendemonsratably established in the present petition. The petition is filed byUnion of India through Regional Director, Western Region, Mumbai byrelying heavily on false and self serving complaints filed by Shri Harish K.Sahu(R6) who was the ex-managing Director of the Company and who wasresponsible for the alleged defaults made by the Company u/s 295, 297 and299 of the Act and who had siphoned off an aggregate sum of Rs.97.64 lacsof the Company.5. It is submitted that Shri Harish K.Sahu (R6) on whose false andfrivolous complaint, the Registrar of Companies, Gwalior initiatedproceedings against the R1 and which has culminated in filing of the presentpetition, was not removed as Director and as Managing Director as alleged.R6 & R7 had vacated their office as directors under Sec.283(1)(f) of the Actand ceased to be director of the Company by operation of law. R6 was theManaging Director of the Company till 6.8.2003 and during his tenure asManaging Director he himself had entered into transactions with someentities and advanced loans by issuing cheque on behalf of the Company. R6being Managing Director and responsible for day to day conduct andmanagement of the affairs of the Company took all decisions himself; and R2& R3 being his younger brothers had obeyed R6 as they had full faith in himas their elder brother. During the course of inspection under Sec.209A of theAct, the petitioner has raised several queries on various alleged violations andCP 28/2010Union vs Gwalior