I will tell brief background of the case.
In the company there were only 2 promoters directors, 2 sharholders. No returns were filed from incorporation 2007 onwards. Later in the year 2010 one among the two filed fabricated returns which included appointment of his wife as a director so that minimum quorum for Borad Meeting.The entire orginal Minutes are now replaced with fabricated ones. The other Director is shown as attended only one meeting in which the purported decision to appoint wife of the other is taken place. Also shares is shown as transfered to wife as gift so that qurom for AGMs can be arrived. First Board meeting Minutes now submitted (claims the attendence of victim Director).But Minutes are only initialed by the the person who had done fraud and now is claiming as Chairman. Now all minutes are shown as printed Minutes and as loose sheets instead of Minutes Book. But the decion to maintain minutes in sheets is taken in first meeting. in all Balance Sheets subscribed capital is reduced and
So First queryis whether the first meeting minutes should be in book or loose sheet.
secondly is there need for signing of Minutes by the directors who attend the meeting? How the attendence of Director can be proved other than from Attendence Register?
thirdly is share transfer deed valid without any consideration? Some are saying that atleast the value of shares should be shown and stamps should be affixed even if it is a gift
Kindly cite some judgements which are useful
