INSPECTION OF COMPANY REGISTERS – HOW
LISTED COMPANIES ARE TARGETTED BY ANIL KUMAR PODDAR
Anil
Kumar Poddar – By holding one share in almost all the Listed Companies, Poddar is used to harass
the companies with the inspection of documents.
Anil
Kumar will send the following letter to his targeted listed company.
From: Anil Kumar Poddar
The Company Secretary,
Dear
Sir, AGM ON 30.9.2016
I draw
your kind attention that I am one of the shareholders of your company under
above mentioned references.
Sir, I
understand the AGM of our company is going to be held
on 30.9.2016 and I being a shareholder of the company want
to attend AGM and give effective participation during AGM. As I want to be
specific, to the point and brief so I request you to handover following
documents to the bearer of this copy of this mail Mr. Yogesh. This documents
are urgently required as I want to speak during AGM and vote on all the
resolution during AGM on informed decision basis. Necessary fees will be paid
by my man Mr. Yogesh.
Sir,
I request you to handover copies of statutory registers and
records of the company as specified following:-
1)
Register of Investment. (From
the date of incorporation of company to 30.6.2016)-
2)
Register of Contract. (From
the date of incorporation of company to 30.6.2016)
3)
General Minute Book- AGM and EGM (From the date of incorporation of company
to 30.6.2016)
4) Last
two years Annual Return filed with Registrar Of Companies.
5)
Register of Directors and Director’s Shareholding Register.(From the date of incorporation of
our company to 30.6.2016)
6) Last
five years Annual Report.
7) Detailed annual accounts of all
the subsidiaries companies of our company for the
year 2010-11,2011-12,2012-13,2013-14 and 2014-15.
Sir, in
case if the company finds any difficulty to give records from the
date of incorporation instantly, than I request you to please provide
records copies for at least five years immediately and balance years records
copy can be provided on later date.
Sir, I
request you to please arrange to handover the copies of all above registers,
documents and records to my man Mr. Yogesh at an early earliest.
I request
you to provide the documents at an early date.
I am
ready to pay the charges, if any as it will be paid by man instantly.
Please
reply urgently and oblige.
Thanking
you,
Yours
faithfully,
Anil
Kumar Poddar
As per Company
law provision, the company has to give him the documents but if the company
published any documents online like in MCA portal, BSE/NSE website, or in the
company’s website, then, the company may ask Poddar to refer the same.
What the Companies Act Says for Inspection?
Company registers are open for inspection by members or creditors during
the business hours of the company without paying any fees and for others, by
paying fees and the company may place reasonable restriction through the
provisions in its Articles.
Section 171 of the Company Act 2013
Speaks about the Members’ right to inspect.
The
register kept under sub-section (1) of section 170,—
a)shall be open for inspection during
business hours and the members shall have a right to take extracts there from
and copies thereof, on a request by the members, be provided to them free of
cost within thirty days; an
b) shall also be kept open for inspection at
every annual general meeting of the company and shall be made accessible to any
person attending the meeting.
2. If any inspection as provided in clause
(a) of sub-section (1) is refused, or if any copy required under that clause is
not sent within thirty days from the date of receipt of such request, the
Registrar shall on an application made to him order immediate inspection and
supply of copies required there under.
Other Registers Available for Inspection
P REGISTER
OF CHARGE: (Section 85 read with Rule-10 of Company (Registration of charges)
Rules, 2014
ENTRY IN
REGISTER OF BENEFICIAL INTEREST UNDER SECTION 89 OF THE CA 2013
MAINTENANCE
AND INSPECTION OF DOCUMENT IN ELECTRONIC FORM
BOOKS OF
ACCOUNTS:
REGISTER
OF DIRECTORS & KEY MANAGERIAL PERSONNEL: (Section 170(1) and Rule 17 of the
Companies (appointment and Qualification of Directors) Rules, 2014
REGISTER
OF LOAN INVESTMENT AND GUARANTEE:
REGISTER
OF INVESTMENT MADE BY A COMPANY HELD NOT IN ITS NAME: (Section 187(2) and (d)
KEEPING
CONTRACT OF SERVICE WITH MANAGING OR WHOLE-TIME DIRECTOR
Case Laws Barring Anil Kumar Poddar
from
Harassing Listed Companies in India
In Mr. Anil Kumar Poddar v. Bonanza Industries
Limited, the
Mumbai Bench of the Company Law Board (‘CLB’), through its order dated April
16, 2015 dismissed the application of a shareholder who demanded copies of
records of a company and sought inspection of the register, minutes, annual
returns, and the like, on the ground that such an application was mala
fide and frivolous.
Phillips Carbon Black
Ltd. & Ors vs Anil Kumar Poddar & Anr on 7 May, 2010, applicant was stripped from carrying
out his rights as a shareholder along with his accomplices by the Calcutta High
Court.
In "Anil Kumar Poddar Vs Alka India Ltd." the CLB
Mumbai bench on January 28, 2014 dismissed the petition by Poddar on the
grounds that the application was baseless and the applicant was in the habit of
making such frivolous applications.
.
.
In Anil Kumar Poddar v Reliance Industries , CLB , Mumbai held that Members having shareholding less than stipulated in section 188 of CA, 1956 cannot seek resolution to be included for circulation.
In Wipro Limited v Anil Kumar Poddar , CLB in 2010 turned down the request of circulation and inspection by the respondent.
Company
Secretaries in the listed companies should not bow down to the pressures
exerted by the persons like Anil Kumar Poddar and should handle the issue more
meticulously by approaching the NCLT , if there is a need.
