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2017 (1) TMI 1630 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIOppression and mismanagement - Respondent No. 2, during his tenure as the Director of the Petitioner Company No. 1 got sale deeds of various pieces of land parcels executed in favour of respondent No. 1 or his nominees instead of getting it executed directly in favour of the Petitioner No. 1 Company - Held that:- One point alone is sufficient to dismiss the present petition on grounds of maintainability. The petitioners not being the shareholders of Respondent No. 1 Company, cannot invoke the provisions of sections 241-242 of the Companies Act 2013. The provisions of the Act make it abundantly clear as to who can initiate such proceedings. The petitioners have candidly admitted that neither petitioner No. 1 nor the other petitioners are shareholders of Respondent No. 1 Company. I therefore find the present petition not maintainable.
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