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2022 (6) TMI 55 - Insolvency & Bankruptcy
Head Note / Extract:
Appointment of independent director/Board of Directors - seeking to order injunction to Respondent No.2 to 7 to present management from exercising any powers with respect to Respondent Company - stay on the operation of the bank accounts of Respondent No.1 to prevent misuse/misappropriation of the funds - inspection of books and papers of Respondent No.1 - conduct of forensic audit of books an accounts of Respondent No.1 for last three preceding financial years - conversion of remaining authorised share capital to equity shares in the name of respondents - HELD THAT:- The Learned Tribunal is already hearing the Appeal for its final disposal there is no need to interfere with the impugned order. However, with the consent of the parties the Appeal is being disposed off with indication that subsequent change in the share if any of the either parties will be subject to the result of the proceeding pending before the Tribunal. This Tribunal expects that the Learned Tribunal considering nature of the dispute raised by the Appellant may take steps for disposal of the Company Petition expeditiously - Appeal disposed off.