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2020 (10) TMI 277 - Tri - Insolvency and BankruptcyValidity of Board Meeting - issuance of SCN - Removal of Director of Company - whether the petitioner is a shareholder or not? - HELD THAT:- A decision as regards the shareholding of the petitioner needs an elaborate hearing. When a meeting was held invalid, the Resolution passed therein has to go but since the issue has been raised by the petitioner that it was set aside as regards respondent No. 4 but not as regards the petitioner, it requires further hearing supported by records and evidence available, which probably would be available with the petitioner. It can certainly not be completed in a hearing through Video Conferencing. Both the parties are interpreting the judgment as regards shareholding of the petitioner in their own way. In these circumstance, we leave this issue open, for being decided after hearing the matter further at length. The maintainability of the application cannot be heard unless and until a clarification of the operative part of the judgment under challenge is obtained. The clarification would certainly go to the root of the right of Smt. Usharani in holding the disputed shareholding. Since such a dispute has already been entertained in the said CP, prima facie, the very same question cannot be entertained as it would attract constructive res-judicata. However, till the clarification is obtained, it is fair and just to safeguard the only one property held by R-1. Accordingly we are of the opinion that a status quo in regard to the landed property is to be passed till the petition is finally heard. An order of status quo pending final hearing of the maintainability of the petition is passed.
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