Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2017 (7) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (7) TMI 372 - Tri - Companies LawMaintainability of the petition - whether the petitioner was not competent u/s. 399 of the old Act to file this petition because not having requisite number of shares as mandatory on the date of filing of the petition i.e. 10-09-2014? - Held that:- The entire issue in this case revolved around the corroborative evidences and surrounding circumstances. After the exit of the Petitioner lot of water had flowed under the bridge. On number of occasions the Petitioner had expressed in different letters to various authorities his non-involvement in the affairs of the company. Once he had already exited then after lapse of number of years it is not justifiable to rake up this issue. The Petitioner undisputedly remained silent for number of years. Such an attitude has not been approved by the Hon'ble courts as held in the case of Pearson Education Inc. (2004 (7) TMI 667 - COMPANY LAW BOARD NEW DELHI). The existence of this settlement among the rival parties is a vital piece of evidence because thereafter number of steps were taken by the Rl company and other Respondents. After an inordinate delay of more than six years it is not possible for the Respondents to reverse the cycle of events. Something already done cannot be undone merely on the basis of bald claims. Certain events such as signing of balance sheet by the respective parties, submission of information before the ROC, an Arbitration judgment dated 08-07-2009 acknowledging the final settlement dated 15-10-2008 are such examples of fait accompli of the settlement. Thus the Petitioner was not holding the requisite number of shares on the date of filing of the Petition, therefore failed to accomplish the legal requirement prescribed under section 399 of the old Act. Legally, the Petitioner is not entitled to file this Petition. It is hereby held that the Petition is not maintainable, hence dismissed in-limine.
|