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2017 (1) TMI 1678 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABADOppression and mismanagement - Contempt petition - non-compliance of order - allotment of further shares by holding a valid EOGM - HELD THAT:- Prima facie it appears that the Respondents are at fault in not obeying the directions of the respected coordinate Bench. While delivering the final verdict, the CLB Bench has held that 'the Petitioner has successfully established his allegations regarding the of oppression and mismanagement(reproduced from para 39 of the Order). The directions were unambiguous that a valid EOGM is to be convened to allot further shares. The Petitioner has, therefore, asked the Respondent No.l Company by several letters to furnish copy of 'Register of Members'. Merely filing an Appeal ipso facto does not put any bar on the implementation of an Order. No cogent or convincing reason has been given by the Respondents in not implementing the directions of the CLB. Alienation of immovable properties of Respondent No.l Company - HELD THAT:- In the said Order, it was directed that the Petitioner should be given an opportunity to match the offer if the Respondent No.l Company is alienating its assets. In one of the hearings held before the NCLT Bench, Ahmedabad on 29th September, 2016, it is very strange that the Ld. Representative of the Respondents has stated that a Resolution was passed by the Board of Directors to alienate the immovable properties of the Respondent No.l Company. The apprehension of the Applicant is, therefore, reasonable because no opportunity appears to have been granted to match the selling price of the property as directed. The Applicant / the Original Petitioner has also pleaded to hold the Respondents for guilty of contempt - That instead of initiating contempt proceedings against the Respondents, as an alternate, it is hereby ordered that the Respondents shall pay a sum of (Rupees Ten thousand only) to the Applicant as cost of the litigation. The main Petition shall now be listed for hearing on 6th March, 2017 - Application disposed off.
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