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2016 (12) TMI 1359 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIPermission to hold a Board Meeting on an urgent basis - Held that:- Application merits acceptance. It has already come on record by virtue of order dated September 5, 2016 passed in CA No.85/PB/2016 that applicant-petitioner holds 0.06% shares and there is a serious preliminary objection raised under section 244(1) of the Companies Act, 2013 with regard to maintainability of the petition. Even otherwise objections on some of the items raised by the non applicant-petitioner pertains to the appointment of Mr. Prakash Mishra as a director who is proposed to be given special charge to finalize the remuneration of statutory auditor of the company and Mr. Sandeep Vats, who was another director appointed by the company. He is sought to be given by draft agenda charge of asset of the company although his appointment is under challenge in the Company petition. Objections have also been raised with regard to the preferential shares amounting to ₹ 3440891 and confirmation of the minutes of the meeting held on 4.5.2016, 14.5.2016, 20.5.2016 and 16.6.2016; also in respect of some other items. Merely because the non applicant-petitioner has challenged the appointment of directors and some other actions of Respondent No.1-company could not be suffice to refuse permission to hold to a meeting to facilitate day to day affairs of the applicant-Respondent No.1-company. The activities and functions of the company cannot be stifled by passing a gag order especially to perform statutory compliance. However interest of the non applicant-petitioner could be protected by passing an order that passing of any resolution from the list of draft agenda would not cause any prejudice to the right of the non applicant-petitioner pending consideration in C.P. No. 122(ND)/2016
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