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2019 (8) TMI 1584 - Tri - Companies LawOppression and Mismanagement - Fraud - cancellation of MOU - non-compliance with the provisions of Section 173 of the Companies Act, 2013 read with Section 118 of the said Act read along with the Secretarial Standard on Meetings of the Board of Directors (SS-1) as prescribed by the Council of the Institute of Company Secretaries of India and as approved by the Central Government - Section 241 and 242 of the Companies Act, 2013 - HELD THAT:- From the facts as can be discerned from the petition and the accompanying documents as well as the compilation of orders and judgements as filed by the 1st and 2nd respondents as well as by the 7th and 8th respondents, despite efforts made by the petitioners before the Hon'ble High Court of Delhi as well as before the Arbitral Tribunal which is seized of the dispute, inter alia, in relation to immovable properties as well, the petitioners have not been able to convince the judicial forum first under Section 9 of the Arbitration and Conciliation Act, 1996 and subsequently against the order passed by the Learned Arbitral Tribunal in relation to an application filed under Section 17 of the said Act and as well as before the Hon'ble High Court, all of which clearly disclose the petitioners have not been able to satisfy the said judicial or arbitral forums about the existence of a prima facie case. Thus it is clearly evident that an endeavor seems to be made by both the parties to pre-empt the decision of the Arbitral Tribunal, i.e., by the petitioners in filing the petition without waiting for the outcome of its application under Section 17 of the Arbitration and Conciliation Act, 1996 and on the part of the respondents 2, 3, 7 and 8 by trying to dispose of the 7 acres covered under the Sale Deed No. 3543 dated 12.05.2006 without awaiting for the decision of the Arbitral Tribunal which clearly shows that when the matter is sub judice parties are trying to act to the prejudice of each other. This Tribunal has consistently held that its predominant focus is to safeguard the interest of the company while exercising jurisdiction under Section 241 and 242 of the Companies Act, 2013 as held by the Appellate Tribunal in AMRITSAR SWADESHI WOOLEN MILLS PRIVATE LIMITED Vs. Shri VINOD KRISHAN KHANNA & Ors. [2019 (5) TMI 606 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI]. Application disposed off.
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