2021 (2) TMI 308 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCH - Corporate Laws

Head Note / Extract:
Seeking a direction to the Respondents to maintain 'STATUS QUO' with regard to the constitution of the 3rd Respondent Company, its Directions and Bankers, in the interest of justice and equity - Rule 11 of NCLT Rules, 2016 - HELD THAT:- The Tribunal, after considering the issue has already passed exparte Interim Orders on 26.06.2020 in I.A. Nos. 197 & 200/2020 by directing the Respondents to issue prior notice, if any proposal is there to remove the Applicant/Petitioner, as Directress, and to follow the extant provisions of the Companies Act, 2013 etc. However, none appears for the Respondents so far. Since the Applicant/Petitioner is stated to be holding 38% of the shares of the Company apart from position of Directorship, she is entitled to participate in the affairs of the Company and she is also entitled to receive perks on par with other Directors. Since the Tribunal is not in a position to hear the Respondents till now, we cannot pass further exparte interim orders, at present as prayed for. However, the Respondent No. 3, in the meanwhile, cannot force the Applicant to subscribe to Rights issue as offered to her, vide letter dated 07th July, 2020 until further orders. Application is hereby disposed of by directing the Respondents not to force the Applicant/Petitioner to accept on the Right Issue offered vide letter dated 07th July, 2020 until further orders.