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2015 (7) TMI 219 - Board - Companies LawPetition u/s 167 of the Companies Act, 1956 - Irregularity in holding Annual General Meetings - Held that:- In my opinion, this petition, on the face of it, is not maintainable as contended by the Ld. Counsel for the Respondents. The prayer as per clause (a) of the Petitioner clearly shows that the Petitioner has sought relief to the effect that the Annual General Meetings of the Respondent No. l Company shown as held for the Financial Years 2003-2004 to 2009-2010 be declared as invalid. Prayer clause (b) of the Petition reveals that the Petitioner has sought cancellation of various Resolutions purported to have been passed in the EOGM held on 20/12/2007, by which appointments of Mr. Shaunak H. Choksi (Respondent No. 2) as Managing Director and Mr. Himanshu Harshad Choksi (Respondent No. 3) as Whole-time Director, were made and their remunerations were fixed. It is, therefore, established that there is no default in holding the AGM as contemplated in Section 167 of the Act, The challenge as to validity of the AGMs, in my considered view, does not fall within the purview of the provisions contained in Section 167 of the Act as held in the cases (i) National Textile Corporation (U.P.) Ltd. [1998 (4) TMI 431 - HIGH COURT OF DELHI] and (ii) Gracy Thomas v. Four Square Estates P. Ltd. & Ors [2007 (10) TMI 608 - CALCUTTA HIGH COURT ]. - Petition dismissed.
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