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2020 (2) TMI 194 - AT - Companies LawOppression and mismanagement - diversion of funds - siphoning of funds - right to subscribe additional shares - HELD THAT:- Through the various submissions made by both the parties and finally reached the conclusion that the minority shareholders are requiring exit from the Company but that cannot provide a ground for denying their right to subscribe additional shares in proportion to their share holding vis-à-vis that of the total paid up capital of the Company as required under Section 81 of the Companies Act, 1956 (Part III). There are certain oppression and mismanagement. The relationship between the Majority Shareholders & Minority Shareholders are strained. Hence, there is a need for valuation report to be done by Registered valuer and the majority shareholders are free to buy the shares of the minority shareholders or otherwise - the Balance Sheet from 2005 to 2008 reflects Reserve and Surplus is getting strengthened. However, parties have not submitted updated audited Balance Sheet, so that it can be commented upon. Appeal dismissed - decided against appellant.
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