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Investigation ordered against co. as director and lead manager of IPO diverted co.'s funds to its associates

September 20, 2019[2019] 108 321 (NCLT- Chennai )

COMPANY LAW : Where petitioner being Lead Manager for IPO issue of company and respondent directors of company had allegedly diverted IPO proceeds of company to their associates, there existed circumstances which prima facie suggests that business of company was being conducted with an intent to defraud its members, thus, it was necessary to investigate into affairs of company under provisions of section 213

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