2020 (10) TMI 1221 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI, COURT - II - Corporate Laws

Head Note / Extract:
Misappropriation of property - petitioners are are the shareholders in the first Respondent company and together they are holding 37% of shares of the issued capital - allegation that the Respondents are misappropriating the property of the first Respondent company and in case the property is sold and consideration is taken by the Respondents in their personal accounts, they will deprive the Petitioners of their rights - HELD THAT:- The petitioners have made out prima facie case, balance of convenience is in the favour of Petitioners and in case the property of the Respondent No. 1 is sold, the same will cause irreparable loss to the Petitioners and Respondent No. 7. This cannot be compensated in terms of money. The Respondents no. 2 to 7 are restrained from selling property of the Respondent no. 1. till further orders. Besides this, the Respondents are also directed not to change the share holding pattern of the first Respondent company without seeking prior permission from this Tribunal - List the matter on 12th November 2020.