The Kolkata Bench of the National Company Law Tribunal (NCLT) has ordered the winding up of 13 Saradha Group companies on the basis of petitions filed by the Serious Fraud Investigation Office of the Union Corporate Affairs Ministry.
In his order, Madan B. Gosavi, Member (Judicial), said that the report on these companies, filed by the SFIO, revealed that the companies’ affairs were being conducted in a fraudulent manner and they were formed for fraudulent and unlawful purpose.
“The promoters /directors of all the companies appeared to be guilty of offences of fraud, misfeasance and misconduct relating to the affairs of the companies,” the order said.
The winding up notice covered Global Automobiles Ltd. (GAL), Saradha Tours & Travels Pvt. Ltd., Bengal Media Pvt Ltd., Saradha Housing Pvt. Ltd., Saradha Shopping Mall Pvt. Ltd., Saradha Agro Development.
‘Cheating public’
The offences include “cheating public at large, funds and shares misappropriation and falsification of financial statements.”
The official liquidator attached to the Calcutta High Court was appointed for winding up the companies and to take possession of the assets and properties of these companies.
