Home Case Index All Cases Companies Law Companies Law + AT Companies Law - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 1810 - AT - Companies LawOppression and mismanagement - Doctrine of Indoor Management - Validity of Board Meeting as well as the Extra-Ordinary General Meeting - HELD THAT:- It is not in dispute that both the meeting of Board held 2.11.2010 and 10.12.2010 and the Extra-Ordinary General Meeting held on 17.3.2011 without notice and knowledge of the minority shareholders have been declared as illegal - The findings of the Tribunal to that effect is not under challenge in this appeal. In case of "Oppression and Mismanagement", it is open to the Tribunal to grant relief as per sub-section 2 of Section 242 of the Companies Act, 2013 (equivalent to Section 402 of the Companies Act, 1956). In view power vested under sub-section (2) of Section 242 of the Companies Act, 2013, it is open to the Tribunal to decide as to what relief to be granted, if it gives declaration of 'oppression and mismanagement'. The Tribunal having power to declare an agreement invalid or void can set aside the same. The aggrieved party as a matter of right cannot claim to save any action or agreement, following the "Doctrine of Indoor Management". Appeal dismissed.
|