Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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johnpaul21 (managing Director)     30 December 2018

Siphoning of company funds as salary to md

In 2011 petition under companies’ act 1956 was filed by majority shareholders against oppression and mismanagement. The minority shareholders husband and wife has alloted shares to themselves. The board including the illegal director(as found by NCLT) has approved huge salary (After filing of company petition was filed) to Managing Director and siphoned of huge amount as salary during the pendency of suit. The judgement is silent on this aspect as it was never sought in relief while filing of petition. How can this amount be recovered? Any judgement of courts in this regard?



 1 Replies

Isaac   11 August 2019

File a petiiton to the Registrar of Companies.

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