A foreign company remitted money to an Indian Pvt Ltd Co that waas set up by an Indian gentlemen as a subsidiary of the foreign company. The Indian Co was formed and the FDI received shown as share application money on the companys books.
The Indian gentleman then got dishonest and consumed the share application money through booking various false expenses, refused to transfer any shares to the foreign co and installed himself and one other as the sole directors of the Indian co.
Thus the foreign co, is out their money, has no shares and has no say in the Indian Co.
What are the remedies other than a civil suit? At the CLB is the petition maintainable under Section 397/398 since the foreign co is not on the regiser of members? All help will be appreciated?
Alsdo at the CLB does this go before the Regional or Principal Bench?
Thanks
