Section 237(b) of the companies act provides that:
may do so 1[in its opinion or in the opinion of the Tribunal] there are circumstances suggesting—
(i) that the business of the company is being conducted with intent to defraud its creditors, members or any other persons, or otherwise for a fraudulent or unlawful purpose, or in a manner oppressive of any of its members, or that the company was formed for any fraudulent or unlawful purpose;
(ii) that persons concerned in the formation of the company or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members; or
(iii) that the members of the company have not been given all the information with respect to its affairs which they might reasonably expect, including information relating to the calculation of the commission payable to a managing or other director, 2[***] or the manager, of the company.
My doubt is is regarding the "opinion of the tribunal". How does the tribunal forms the opinion. On an application by some one or suo motu basis?? Have i missed sumthng??? Please some1 clarify.
CAclubindia
