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2019 (2) TMI 1046 - AT - Companies LawWaiver application - Proviso to Sub-section (1) of Section 244 of the Companies Act, 2013 - Held that:- In the present case we do not want to go into the merit of the claim and counter claim of the parties in view of the decision of this Appellate Tribunal in ‘Cyrus Investment Pvt. Ltd. & Anr. Versus Tata Sons Ltd. & Ors., 2017 SCC OnLine NCLAT 261. In the said case this Appellate Tribunal held that while considering the application for waiver under Proviso to Sub-section (1) of Section 244 of the Companies Act, 2013, the Tribunal may look into the proposed petition under Section 241 and 242 but cannot take into consideration the merit of the said petition to decide the application for waiver. It is only in application where cases of exceptional circumstances is made out by one of the member having less than 10% of shareholding, the Tribunal may allow petition for waiver. All the shareholders have less than 10% of the total shareholding of the company. Their case being covered by this Appellate Tribunal’s decision in ‘Cyrus Investment Pvt. Ltd. & Anr. Versus Tata Sons Ltd. & Ors.’ [2018 (7) TMI 1397 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI], we are not inclined to interfere with the impugned order, where the Tribunal on factual matrix and evidence allowed application under Section 241-242 of the Companies Act. Appeal dismissed.
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