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2016 (3) TMI 1359 - HC - Companies LawProhibition on respondent no. 1-Company from holding its Annual General Meeting - alleged non-disclosure to its investors/shareholders true and correct state of affairs in its Annual Report and Director's Report for the year 2014-15 - violation of Section 134 of the Companies Act, 2013 - Principle of corporate democracy - HELD THAT:- The principle of corporate democracy requires that meeting of shareholders should normally not be interdicted. Reliance can be placed in the case of LIFE INSURANCE CORPN. OF INDIA VERSUS ESCORTS LTD. [1985 (12) TMI 289 - SUPREME COURT] where it was held that The holder of the majority of the stock of a corporation have the power to appoint, by election, Directors of their choice and the power to regulate them by a resolution for their removal. And, an injunction cannot be granted to restrain the holding of a general meeting to remove a director and appoint another. Thus, keeping in view the fact that AGM has already been held, the petitioner is not entitled to any relief - petition dismissed.
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