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2019 (7) TMI 1427 - AT - Companies LawOppression/ mismanagement Appellants have assailed the impugned order primarily on the ground that the Tribunal erred in passing the impugned order in as much as the Petitioner had been repaid the entire consideration amount paid by him for the purchase of shares and the petition was barred by limitation - HELD THAT:- The unrebutted and uncontroverted factual matrix placed before the Tribunal as also forming the bedrock of the matter in issue before this Appellate Tribunal leads to no other conclusion than the one that the factum of transfer of majority shareholding in favour of Petitioner by Respondents 2 to 4 and approval of the transfer of 25,500 equity shares of the Company in favour of the Petitioner for a consideration amount of ₹ 70 Lakhs by the Board of Directors remains undisputed and stands proved. No fault can be found with the finding that Respondents No. 2 to 4 have been conducting the Company’s affairs prejudicial to the Petitioner as also to the interests of the Company justifying the directions slapped in terms of the impugned order. Time Limitation - HELD THAT:- It is the dictum of law that the issue of limitation should be alive to the mind of the court dealing with the lis and has to be looked into irrespective of the fact that such an issue has not been raised by the Defendant/ Respondent - Appellants (Respondents 2 to 4 in Company Petition) would be within their rights to legitimately raise the issue of limitation notwithstanding the fact that their right to file defense stood forfeited. Unless the lis/ appeal falls within the exceptions enumerated under Sections 4 to 24 of the Limitation Act, 1963, the mandate of law enshrined in Section 3 cited above renders it imperative upon the Court/ Tribunal hearing the suit/ appeal to dismiss the lis filed or preferred after the prescribed period of limitation. Thus, no exception can be taken to such issue being raised by the Appellants (Respondents 2 to 4 in Company Petition). The impugned order does not suffer from any legal infirmity and the Company Petition is not barred by limitation - appeal dismissed.
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