The National Company Law Tribunal (NCLT) Mumbai, has levied a penalty of Rs 10 lakh on Tata Chemicals for filing a petition fraudulently and with malicious intent to liquidate Raj Process Equipment and Systems.
Tata Chemicals has filed a false affidavit to prove that the actual principal amount due is Rs 9.19 crore instead of Rs 4.40 lakh. Therefore, the petition is dismissed with costs of Rs 10 lakh to be paid by Tata Chemicals within 30 days in the account of the Prime Minister’s National Relief Fund.
Tata Chemicals is the second-largest producer of soda ash in the world with manufacturing facilities in India, UK, Kenya and USA. It is India’s leading crop nutrients player and a leading player in crop protection business through its subsidiary Rallis India.