suit for specific purpose
my name advocate rajender
1.one of my client wants guidence. his name is ajit( Eg A), he and his friend aman(B) got a agreement to sell from seller of 60 bigha land @ 30 lac per bigha and 15000000 paid at agreement to seller in april 2012 by cheque and cash . now mr ajit (A) was in real estate business so he had a pvt ltd company in he and his wife were shareholders 50?50 percent and diectors but this agreement was made invidually on their names in equal i.e 1/2 .payment detais as follows
A = 50lac from his company,10 lac from his personal acoount and 60 lac cash
B= 30 lac via cheque
2. Besides two aditional directors were there among two B was one of them . Now in june these two aditional directors ( B&C) become directors sand A wife resgins from diector and now 3 more directors appointed and now total 6 diectors ( A,B,C,D,E&F) AND SHEREHOLDERS
A = 14500 B = 20000 C= 14500 D= 20000 E =16000 F= 15000 shares at a face value of Rs 10 all six put equity amount in company account at
3. Now all decided to develop township on this land and they started collecting advances from customers against booking of apartment and arranged around 4CR in company account even before sale deed and tranferred to seller
4 Now resolution is passed that sale deed will be done on company name that through diector (B)
and B become the signing authority in bank account also.
5.Now B,D,E& F become 71 % of shareholding because all are relatives and paid loan of 3CR in company account by RTGS which transferred and paid 4 CR as cash to seller
6.Now A has no funds in cheque but borrowed from relatives around 4Cr paid to seller cash
7 Now C paid 50 lac in company via RTGS and paid 1 CR cash to seller
8. Now Most important total sales consideration was 18 CR for 60 bigha land in actual but with consent of seller sale deed was done for 8CR . thats how saved stamp duty on 10 CR
9, Now A & C put their sweat in this company crores rupeee been arranged in the company accounts.
10.Now B ,D,E,F all together started siphoned of around 9 crores from the company with various means as B had single signing authority and when C &D objectected they removed from directership in march 2013 .
11.B,D,E,& F all together raised share capital value from 10 lac to 40 lac and divided shares among them made A&C at 5% from 30% and also filed criminal complaints also against them alleging 420,etc
Matter is under Company Law Board BY petitioners A&C
Now can my client complain to revenue department about stamp duty stolen by showing agreement to sell?
can my client file suit for specific performence and injuction as well?
what else can be done in this regard.