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2018 (5) TMI 2082 - AT - Insolvency and BankruptcyOppression and Mismanagement - Seeking urgent staying of the extraordinary general meeting to remove the petitioners from their position of directors - seeking that resolutions to remove them as directors should not be given effect to - sections 241 to 242 of the Companies Act, 2013 - HELD THAT:- The National Company Law Tribunal has at this initial stage of the litigation, exercised its powers which appear to be striking fair balance between the two groups. Learned counsel for the respondents (the original petitioners) in appeal have pointed out as to how the appellants are even acting upon these directions of the learned National Company Law Tribunal to proceed with the affairs of the company. The learned National Company Law Tribunal has exercised discretion judicially when ad interim order was sought from it to protect the interest of the company till the petition is decided. It is true that the National Company Law Tribunal accepted what the Deputy Registrar appeared in the court and said that at 11.00 p.m. on February 23, 2018 the interim orders and operative part of the order had been communicated to counsel for the petitioner. But then, there is material showing that even on February 24, 2018 by two e-mails, counsel for the original petitioners kept requesting the original respondents to postpone the extraordinary general meeting as the orders were yet not in their hands and that the matter was sub judice. At the time of arguments, we asked learned counsel for the appellants (original respondents) as to what would be the benefit to the original petitioners not to inform the stay to the extraordinary general meeting (which they were clamoring for) if they had really come to know about it. There was no clear answer from the learned counsel. Appeal dismissed.
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