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2017 (8) TMI 83 - Tri - Companies LawTransparency for sale of lease hold rights - oppression or mismanagement - Held that:- The petitioners have not produced any corresponding sale deeds executed within the vicinity where the company property is situated to show that the property in the vicinity was sold at a higher value than the value at which company property was sold. Thus, the petitioners have utterly failed to discharge the burden except merely contending that the company property should have been sold at higher price than the price at which it was sold. So, in the absence of any proof from the side of the petitioners, the Tribunal cannot conclude that there was an element of fraud involved and the property was not sold at a price at which it was expected to have been sold. The petitioners have utterly failed to establish any substantial ground to grant reliefs as prayed. On the other hand, there is material from the side of respondents to establish that a decision was taken by the Board of Directors to sell the leasehold rights and that the same was also approved by the EGM and majority shareholders have given consent for the sale of leasehold rights and in the light of the above discussion, petitioners are not entitled for any relief and further they utterly failed to establish any act of oppression or mismanagement on the part of respondents. Therefore, the petition is liable to be dismissed.
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