How to suck out details from Auditors of a Public Ltd Co. and Public Sector Financial Institutions ?
Background :
1. A company issued Redeemable Non Convertible Debentures to Public Sector Financial Institutions like UTI Bank, Bank of Baroda, Canara Bank and UTI Mutual fund.
2. As per the Annual Report of the Company under the heading "Notes on Accounts" the NCDs mentioned above are secured by charge on specific immovable properties being "office premises" & "residential premises".
3. Directors siphoned off the loan funds and defaulted on the amounts payable against the NCDs.
4. Lenders filed recovery suit and company went under liquidation as per court order.
5. Now while liquidating the immovable properties, there is no mention of "residential premises" being liquidated. Only office premises were liquidated.
Question :
1. How & from where to suck information on the address and value of the "residential premises" , which were pledged as security against the NCDs. ??
2. How to and from where to find out why the "residential premises" were not placed under the bid by the official liquidator of the Govt of India, despite having a mention in the Notes on Accounts in the Annual Report ?
Reason of asking :
Connivance suspected between Public Sector FIs managers and private company in "saving" the "residential premises" from going under liquidation.
CAclubindia
