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2017 (1) TMI 1667 - Tri - Companies LawOppression and mismanagement - siphoning off of funds - petitioner has alleged mass scale oppression and mismanagement in the Company and that the books of account were found to be fudged and cash entries had not been updated - HELD THAT:- The functioning of the respondent No. 1 Company is in a total mess because of the distrust between the petitioner on the one hand and the respondents on the other. It is just and proper to provide exit to the petitioner because respondents No.2 to 4 jointly hold majority shares in the Company, whereas the petitioner is a minority shareholder - We take cut off date as end of financial year 2014-15 i.e. 31.03.2015 for evaluating the fair value Of the shares of the Company as soon thereafter i.e. on 07.05.2015. the petitioner was prima-facie illegally removed from the Board of Directors. Petition is disposed off with certain directions to be followed.
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