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2021 (9) TMI 684 - NATIONAL COMPANY LAW TRIBUNAL , ALLAHABAD BENCHTransfer of shares - Oppression and mismanagement - Section 242/244 of the Companies Act 2013 read with NCLT rules, 2016 - HELD THAT:- This Tribunal observes that as the share transfer form annexed as Annexure P-2 of the petition reflects that the entire shareholding has been transferred to the petitioners from its first directors and further the share certificates are still in possession of the petitioners and has not been transferred to anyone which is evident from the fact that there is no share transfer form or any share certificate filed before the ROC showing transfer of shares in favour of the respondents, thus it shows that the petitioners are still holding entire 100% shares of company. It is clear that there are instances of oppression and mismanagement in the company as although the petitioners have resigned from the directorship of the company by means of Form DIR-12 but reducing their shareholding from 100% to 0% is an oppressive act on behalf of the respondents - the respondents acts are held to be oppressive to the petitioner, and there has been mismanagement in the respondent company, hence the petition deserves to be allowed. Petition allowed.
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