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2020 (6) TMI 799 - Tri - Companies LawOppression and mismanagement - Allegation of changing mode of account operation and committed fraud in submitting the application to the Bank - section 241 and 242 of the Companies Act, 2013 - HELD THAT:- The delay in filing like application at the instances of the petitioner, being not explained properly, that a criminal complaint was already lodged and an FIR was allegedly registered in the alleged fraud, let the investigation may bring the real truth behind it. An overall circumstances brought out in the case in hand not sufficient enough to have a prima facie finding that the petitioner came with a clean hand claiming equitable relief. R3 also asserted that respondents are not at all thought of issuance of fresh shares and induction of further directors in order to reduce the shareholding of the petitioners into a minority. So the apprehension of the petitioners that if an order of injunction is not passed as prayed for there is every chance of resorting to issuance of fresh shares and induction of further directors in order to dilute the shareholdings and rights of the petitioners is devoid of any merit. When people feel scared and hopeless interrupting the business of R-1 under the effective management of R3, as he submitted, changing the mode of operation of the R1 bank account may work great hardship to the business operation of the R1 company. Accordingly, the balance of convenience also does not favour the petitioners. List the matter for further consideration after lifting the lockdown, preferably on 5th August, 2020.
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