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2022 (6) TMI 992 - Tri - Companies LawFraudulent reduction in the shareholding - reduction of shares by way of illegal right issues/private placements - forged signatures - sections 241/242 of Companies Act, 2013 - HELD THAT:- From the perusal of the reply, it is noted that the claim of the petitioner as regard to equal partnership was wrong as this was never an understanding. It is further claimed that the right issues/private placements were made to clear the electricity dues. It is also claimed that the Directors were removed by following the due process of law. It is also claimed that the company petition is in the nature of directorial complaint and it does not disclose any mismanagement or act of oppression continuing from the date of filing of the company petition. It is also noted that certain properties of one company, namely, Somil Ispat Private Limited had been purchased for which a bid had earlier been made by one of the petitioners, whose bid was cancelled for non-payment of bid amount within stipulated time. Thus, this fact lends some credence to the claim of the petitioner that quasi-partnership was formed and whereby the respondent no. 1 company had taken over the assets of such company - It is also noted that even as per the respondents, a loan was taken by the respondent company to acquire assets of such company. A claim has been made that the right issue was made to clear the dues of electricity department. No reasonable justification as to why these funds were raised by way of right issue or private placement of equity shares and could not be raised in the form of loans has been given. There exist circumstances where irreparable loss may be caused to the petitioners and also it may be prejudicial to the interest of the respondent no. 1 company, if certain interim reliefs are not given - the petitioner no. 1 be restored instead of appointment of Special Officer or Director of the respondent no. 1 company from the date of his removal from such post. The main petition be listed on 31.08.2022 for final disposal.
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