Tuesday, September 20, 2016

INSPECTION OF COMPANY REGISTERS – HOW LISTED COMPANIES ARE TARGETTED BY ANIL KUMAR PODDAR

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.



3 comments:

  1. WIth due respect I submit that as per the Companies Act , the holding of share is not important. One sher or 10000 share makes no differenec.By saying One shere Holding Right under democratic country like can nt be used at all. Further , what is wrong in Company means is keeping the records available for inspection ? If some thing is wrong , thn denial of inspection .
    I think and believe that when Annual Accounts are sent to shareholders, some special treatment of some entries are given in Annual Accounts and hiddenly some mere book entry of profits are entered in Books of account. The same Book entry of profit is deleted from Books in Tax Audit Report while filing income tax returns in Tax Audit Report differently. SUch Practice should be caught by. I think and belive that Tax Audit Report , to attract control of such practices , should be a part of Annual Accounts with Tax Audit Report also. See the Case of Ratanamani ENgineering Limited well back in 31.10.192 and 31.03.1994 Rs40Lacs and Rs 65Lacs were entered in books of account and paid , declared dividend out of this profit only. WHich was deleted from Taxable Income in Tax Audit Report.
    I say this treatment is not fare.

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  2. Not only this but also since 1994 , all CFO.Board Of Directors ,Company Secretary was having this information in side the office , even then Whistle Blower Policy did not apply. CFO being a Chartered Accountant, Company Secretary being qualified , even in 2013 the same thing happen . All having information , Company Secretary including Secretarial Auditor was having knowledge in account a fraud Of Rs 98.37 Lacs mere book entry of profit , takinf Market Value of Raw Material , instead of Cost price for normal all closing stock, Rs98 lacs must have been taken for consideration for making payment o=to managerial remuneration . This is a clear cut violation of Provisions of the Companies Act . There is no compliance of Act. Then what is the purpose in keeping the Law ? Foolishness. WHen no care taker is there to ????

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  3. There is no control of Ministry of Corporate Affairs over the Compliance of the Companies Act at all and also at any stage. R O C , Regional Direcotr ,Ministry of Corporate Affairs at all. Not only this e mail id given to all offices at New Delhi , all mails bounce back stating the reason Disc Data is full. Then what is the purpose of giving them e mail id ?

    ReplyDelete