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2020 (1) TMI 1319 - HC - Companies LawPermission to petitioner herein to induct 4 more directors in the Board of Directors of the 2nd respondent Company Cetex Petro Chemical, in the Board to have representation in proportionate to the equity share - HELD THAT:- In the present case, the petitioner has alleged that the respondent Nos.3 to 6, who are private parties have usurped the controlling interest of the 2nd respondent by getting 4.5% of the shares transferred to the 3rd respondent without adhering to the conditions of the agreement between the parties to relieve the personal guarantee. It had been stated that the 3rd respondent did not adhere to the conditions of the agreement with the 1st petitioner to release the personal guarantee given by T.G.S.Mahesh, which was a pre-condition for the transfer of 4.5% shares in dispute. It was therefore stated that the transfer was illegal and unlawful. It had also been stated that the respondent Nos.3 to 6 have been trying to undermine the interests of the petitioners to dispossess the controlling stake held by the petitioners. The learned counsel for the petitioner stated that a fraud had been conducted by holding the Annual General Meeting on 14.10.2019. It had been stated that the fact that the decision had been kept in abeyance and has not been disclosed in the audit report. If fraud is alleged then the petitioner may very well agitate the same before the Tribunal, which as held by the Hon'ble Supreme Court can examine allegation of fraud - The actual grievance of the petitioners for filing the Writ Petition is that the Presiding Officer is on leave and a mention was made before the Co-ordinate Bench of the NCLT, Chennai. The said Presiding Officer had adjourned the case to February 2020. That will not be a ground for the writ petitioner to file this writ petition with the very same relief before this Court. The Writ jurisdiction cannot be exercised to grant the relief sought by the petitioners, particularly since the Company Petition No.20 of 2018 is already pending before the NCLT with respect to the very same parties and with respect to the very same issue - Petition not maintainable and is dismissed.
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