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2020 (9) TMI 523 - Tri - Companies LawOppression and Mismanagement - Waiver of the qualification requirement - section 244(1) of the Companies Act 2013 - case of applicant is that there are exceptional circumstance for granting waiver because all the board of directors have acted in connivance against the applicant, the applicant have no recourse in law if the waiver is not granted and there are just and equitable ground for grant of waiver. HELD THAT:- The main issue raised in the petition is that the applicant has to get value for the brand created by his father’s contribution to the company. It seems that another company is taking over the R1 company by purchase of shares from the shareholders at the rate of INR 532 per share. The respondents are selling their shares on their own volition, the shares of R1 are transferrable and if the applicant wants to sell the shares he can do so and if he is not willing to sell his shares at this rate, nobody is compelling to part with his shares. What he wants to get is, since respondents are selling the shares, he has to get some consideration for the so-called brand value created by his father for the company. This issue will not fall under the ambit of oppression and mismanagement. To create a scenario that there is oppression and mismanagement in R1, the applicant makes a general complaint that R1 company issued rights shares without issuing notice to him. The applicant has not even given the details of rights issue and bonus issue of shares. Hence, we hold that the petition is a frivolous one. This application for waiver is dismissed.
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