pls try a case as under being narreted-
A flagship public ltd co registred , with ROC/ BSE /NSE? etc. holding under its banner a deemed resistered co. both are public ltd N registred at variousplaces.
The company appoint many firms/ prop/ collecting deposits, as as a channel partners @ attractive 30% returns for long terms association /
But drive them out in short period, the money taken as a deposit / interst payable is neither paid nor assured interest which was commited by co. while appointing, takes people for riddles to courts, hassles, entangles in low feable judicairy,system for long battles,?
since the funda re going to be made available from the company's financials / fundings/ will shown as expenses for legal, get the rebates from Income tax,also, which is in turn the money paid asa advance/ deposits by working partners only.
now which kind of strict , hard core law can be apllied to curb this status? secondly how a CMD/MD/ of deemed company can transfer its shares-rights, to sell it to thirdf party an NRI/Foreigners group.?
After some time laps, transfers its rights, assets, property, business developed by its appointed channel partners, service providers, to NRI's? which law will curb such wrong deeds -act in short time, a lawfull appropreate action is must,
1- short aperson / firm is appointed.
2-Depsosit is parted.
3- Legal document are not executed.
4- Cheques issues but not honoured. [ will it be malafide common intention by all since co. is working as team not an individuals] isn't ?
5-Deposited amounts, un paid. interest also.un paid.
6-assures for long terms association but driven out with in short period.
7-Business grown up by 3-4 times, with in zero start to 100 crores in three-four -five years,
8-transfered its shares, stake, rights to third persons,firms / ltd.co. / NRI / ? etc.?
now your experts views, pls.?