Wednesday 21 May 2014

During pendency of petition against oppression, CLB directed audit so that co. could avail of credit

CL: Where application had been filed under section 403 for issue of interim direction to statutory auditor of company to audit accounts of company so that company may continue with credit facility available from respondent-bank, in interest of justice and for smooth running of respondent-company it was to be directed that a statutory audit be carried out by auditors, with cooperation of Board of Directors consisting of directors as per statutory records available with Registrar of Companies


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