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2017 (12) TMI 1317 - AT - Companies LawOppression and mismanagement - Held that:- The contradictions in the documents being relied on by Respondents are glaring as can be seen from the above. The act of Respondent No. 2 amounts to oppression of the Appellants and mismanagement of the affairs of the Company Respondent No. 1. She has tried to shut out the Appellants to bring in her family members Respondents No. 3 to 6. There is no substance in the arguments for the Learned Counsel for the Respondents expressing doubts on the original share Certificates held by the Appellants by claiming that they bore signatures of one or the other of the Appellants. The Respondents, and more particularly Respondent No. 2, has not come forward to show her shares in order to demonstrate as to signatures of whom it was bearing. Similarly, the arguments that NCLT cannot investigate into the title of shares also has no substance because the present matter is being considered not to decide the title of the shares but the question for consideration has been whether the Respondent No. 2 with the support of the other Respondents is unlawfully keeping the Appellants away from the Company claiming that they have transferred their shares leaving them high and dry although they are showing the original shares in hand for their claims. Such acts of oppression cannot be permitted. We find substance in the submissions of the learned counsel for the Appellants that their signatures were taken by Respondent No. 2 for the purpose of negotiating with the bank to arrive at one-time settlement of the company accounts and the same have been misused. Documents relied on by the respondents to claim that appellants resigned from the Board of Directors and transferred their shares are suspicious documents and unreliable. We find that there is no substance in the arguments being raised by the learned counsel for the respondents, in the facts and circumstances of this matter.It is declared that there has been no transfer of shares from the appellants to the Respondents Nos. 2 to 6 as is being claimed by these respondents.
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