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2023 (2) TMI 17 - AT - Insolvency and BankruptcyOppression and Mismanagement - grievance of the Petitioner / Appellant is that, the 1st Respondent / Company, had oppressed him greatly, when he was working with the said Company, as the Managing Director and used him only to meet their ends, through suspicious means - seeking to appoint an independent Auditor to conduct a Forensic Investigation of the Financial Assets of the 1st Respondent / Company and Suspicious Transactions, entered into by the 1st Respondent / Company - Section 241 and 242 of the Companies, Act, 2013 - HELD THAT:- It cannot be forgotten that a Directorial Complaint, cannot be a basis for filing a Petition, under Section 241 & 242 of the Companies Act, 2013, as complaints, in such a Petition, should relate to the Rights, in the status / capacity of a Member. In the instant case on hand, the Appellant had tacitly admitted that he is / was not a Shareholder of the 1st Respondent / Company (1st Defendant in Suit). When that be the fact situation, and as per Section 241 of the Companies Act, a Petition, can be preferred, only by the Member(s) of the Company, and all the more, the eligibility of the Member(s), who can sustain a Petition, under Section 241 of the Companies Act, 2013, is prescribed, and when the Appellant / Petitioner, has no Right to file a Petition, under Section 241 of the Companies Act, because of his ineligibility (not being a Shareholder / Member of the 1st Respondent / Company), then, in Law, he has no Locus whatsoever, to seek waiver of the requirement, in IA/644/2020 in CP/289/2020, enabling him, to Apply, under Section 241 of the Act. Viewed in that perspective and looking at from any angle, the IA No. 644/2020 in CP/289/2020, filed by the Petitioner / Appellant (before the National Company Law Tribunal, Division Bench – I, Chennai), seeking to Waive all the requirements, specified in Clauses (a) and (b) of Section 244 of the Companies Act, 2013, and resultantly, permitting him to prefer a Petition, as per Section 241 and 242 of the Companies Act, 2013, is per se, not Sustainable, in the eye of Law, as held by this Tribunal. Appeal dismissed.
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