In Brief
The appellant, a suspended Vice President and director of a Reserve Bank of India company, challenged a tribunal order reopening the company's books of accounts under Section 130 of the Companies Act, 1956. The Central Government, based on SFIO investigation findings of mismanagement and public interest concerns under Sections 241/242, sought reopening of accounts for a five-year period. The tribunal allowed the application. The Supreme Court held that the condition precedents for Section 130 were satisfied by the foundational findings under Sections 241/242. The tribunal's order was legally valid and the appeal was dismissed.
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