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2014 (4) TMI 1198 - MADRAS HIGH COURTValidity of removal of the second respondent from the post of managing director of the first respondent company and from the directorship of the company - Scheme of Demerger - Held that:- In view of the records available, we find that the appellant has not shown sufficient cause or reason for this court to interfere with the impugned order passed by the learned single Judge, dated 24.10.2013. The learned single Judge had given sufficient reasons, while arriving at his conclusion that the removal of the second respondent from the post of managing director and the directorship of the first respondent company should not be given effect to till the allotment of the shares are effected within the time limit specified by the court. The learned single Judge had also relied on the findings of the chartered accountants appointed by the court to arrive at the conclusion that the second respondent had fulfilled his part of the obligations, as per the sanctioned Scheme of Demerger, substantially. Therefore, we find it appropriate to dismiss the present Original Side Appeal, as it is devoid of merits.
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