KOCHI: The National Company Law Tribunal (NCLT) issued an interim order on Tuesday, appointing an independent forensic auditor to conduct a comprehensive audit of Indus Motor Company Pvt Ltd, a company owned by Rajya Sabha member P V Abdul Wahab and his family.
The case against Indus Motors was initially brought forward by minority shareholders in February 2020, citing allegations of mismanagement, poor corporate governance, and financial irregularities within the firm.
The NCLT bench designated Chennai-based Maharaj N R Suresh and Co. LLP as the appointed auditor, tasking them with completing the company’s audit within 60 days from the appointment date.
Abdul Wahab, a member of the Indian Union Muslim League (IUML), is recognised as one of Kerala’s wealthiest parliamentarians.
Indus Motors, a prominent automobile dealer in the state, was initially established by NRIs Dr P A Ibrahim Haji and T M Nair. The management was later taken over by Abdul Wahab in 1998.
The minority shareholders of Indus Motor, including T P Anil Kumar, filed a complaint with the NCLT, alleging unauthorised related-party transactions by the firm. As per the allegations in the petition, Indus Motor allegedly breached regulations by granting a license for the use of its intellectual property to related entities “without any consideration.”
Additionally, the minority shareholders contended that during the 2017-18 period, the management invested funds in the Initial Public Offering (IPO) of Aster DM Healthcare Ltd, which was later sold off at a significant loss. The petitioners characterized this action as a “misappropriation of funds and resources” by Indus Motor.