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2017 (2) TMI 1291 - AT - Companies LawOppression and mismanagement - plea as taken by the respondent that pursuant to meeting of Board of Directors held and the Extraordinary General Meeting his shareholding has been brought down from 50% to 0.24% and meeting was held without notice and his knowledge - Held that:- The appellants denied the statement made by the respondent that he along with the 2nd appellant decided to restructure the aforesaid sum of ₹ 2,01,00,000/- (Rupees two cores on lakh only) as loan and returned the same to the 4th appellant. There is nothing on record to suggest that the respondent produced any evidence before the Tribunal in support of his claim and he and the 2nd appellant decided to restructure the sum of ₹ 2,01,00,000/- (Rupees two cores on lakh only) as the loan or returned the sum to the 4th appellant. In fact, the respondent himself has taken and accepted that the 4th appellant provided a sum of ₹ 2,01,00,000/- (Rupees two cores on lakh only) to start the working of the company. Tribunal has noticed that no notice was served on the Respondents, and no EGM held to allot shares in favour of the 4th Appellant. The respondent had no knowledge, and in the result the share of Respondent/ Petitioner had reduced. For the reasons aforesaid, we are not inclined to interfere with the impugned order dated 10th November 2016. However, in the facts and circumstances of the case, we direct the respondent and the other directors and the company to refund the amount of ₹ 2,01,00,000/- (Rs. Two Crore One Lakh only) with 18% per annum simple interest to the 4th appellant within one month. The Registrar of the Companies will ensure such payment.
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