Court : Company Law Board CLB
Decided on : Sep-15-1997
Reported in : (1999)96CompCas757
..... by manipulation of accounts and misappropriation of funds, the petitioner's side appears to have come to conclusions by comparing the expenses incurred in lake palace hotel unit with the corresponding expenses figure under the same head as booked in the audited profit and loss account. the arguments centered around mainly ..... expenses by mixing up personal expenses with company expenses are specifically required to be commented upon by the auditors of the company under section 227(1a) of the act. the report of the auditors since 1989, do contain positive statement in this regard ruling out such instances. another important test already ..... it is appropriate that respondent no. 1-company should be compensated by way of interest on the outstanding loans for the entire period from 1983 till the date of repayment at the same rate of interest at which it had borrowed funds from the banking system after adjusting for any ..... with regard to the alleged prejudicial agreement, it is stated, that, the petitioner had notice of the meeting held on june 25, 1983, and of september 30, 1983, when the previous minutes were confirmed. it is explained that the department of tourism, government of india which classified lake palace hotel as ..... 1981.16. it is further stated that although a sum of rs. 2 lakhs per year was to be adjusted commencing from september 10, 1983, the company had incurred an amount of rs. 50.78 lakhs much before entering into the agreement thereby causing further loss of interest of rs .....Tag this Judgment!