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2021 (8) TMI 611 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIOppression and Mismanagement - Refusal to grant ad interim stay to the holding of EGM - Seeking to give direction for stay regarding the removal of Gajanan Dhakane as a Director of Respondent No. 9 company - refusal to grant stay to the proposed changing the designation of Pralhad Hage from that of Managing Director to Executive Director - seeking declaration of already held EGM as illegal - HELD THAT:- Where EGM was held on 7.8.2020, and thereafter a Board of Directors meeting was held on 26.10.2020wherein certain resolutions were passed and where the Appellants had sought ad interim stay, no final order was passed by the NCLT after adjudicating on the oppression of the minority shareholders, or mismanagement in the affairs of the company. The question of granting ad interim stay to the holding of EGM and Board of Directors meeting has to be looked at, from a very limited point of view of prima facie illegality, balance of convenience to the parties and irreparable loss to the Applicants. The two impugned orders do not require any intervention as they do not suffer from any illegality - Since the main petition is presently being heard by NCLT, we refrain from giving any opinion on the larger issue of oppression and mismanagement, as has been alleged in the said petition by the Appellants/Petitioners - Appeal dismissed.
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