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2015 (5) TMI 1141 - Board - Companies LawOppression and mismanagement - Held that:- As regards deletion of clause 31(a), 32 and 39(b) of the Articles of Association as being harsh, burdensome and oppressive to the Petitioners suffice it to say that these articles were amended with the consent of the Petitioners. The question whether the invocation or use of powers contained in these clauses of the Articles of Association was harsh, burdensome and oppressive to the Petitioner shall be considered at the time of final adjudication of the Petition. Therefore, in exercise of the powers conferred upon me under section 402 of the companies Act 1956, I order that final adjudication of this company Petition shall be deferred till: (a) Adjudication by the Enforcement Directorate on the validity of the acquisition by and cancellation of 3,32,440 shares held by P-1 in the company, and (b) Adjudication on the prayer for withdrawal of reliefs claimed in sub-para (b), (c), (d) and (e) of para 32 in O.S. 139 of 2012 by the High Court of Madras. No sooner an order is passed by the Directorate of Enforcement on the validity of the acquisition of shares by AJP pursuant to amalgamation and cancellation of 3,32,440 equity shares held by P-1 in R-1 company and an order is passed by the High Court of Madras (seeking withdrawal of reliefs) at prayer (b), (c), (d) and (e) in para 32 of O.S. No. 139/2012 and a copy of such orders are placed on record, the Company Petition shall be placed before this Board for final adjudication.
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