Home Case Index All Cases Companies Law Companies Law + AT Companies Law - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 325 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAITransfer of shares - family dispute - Seeking stay on operation of impugned order - petition was allowed ordering that the Register of Members of the 1st Respondent/company be rectified by registering the names of the Petitioners, after setting aside transfer of 760 shares of the 1st respondent dated 07.03.2005 in favour of the 6th respondent - appointments of 4th respondent/Nirmal Kumar Gupta and 5th respondent/ Girish Gupta as Directors of the 1st respondent/company was ordered to be set aside - reconstitution of the Board of the 1st respondent/company was directed - Extraordinary General Meeting dated 20.04.2005 declared as illegal and invalid - HELD THAT:- It is seen from the record that the Impugned Order is dated 19.10.2022 and subsequent to the directions given by the NCLT, the Respondents has called for an EGM on 28.12.2022 and the Board has been duly reconstituted. Since, this is an event subsequent to the passing of the Impugned Order, unless the Impugned Order is decided on merits, this Tribunal, does not see any substantial grounds to Stay the Operation of the Impugned Order, passed by the Tribunal. As the Learned Counsel for the Applicant/Appellant has raised grounds regarding evidences not addressed to by the NCLT, it is imperative that the main Appeal be heard at length on merits and at this juncture, any consequent developments, subsequent to the Impugned Order, cannot be stayed, in the light of the fact that no substantial reasons have been found by this Tribunal, to order any Status Quo. Keeping in view the Balance Sheets uploaded with the RoC that the Appellants has siphoned off a sum of Rs.42 Lakhs/- and their strong opposition to granting the stay of the Impugned Order, it is believed that the main Company Petition is to be decided at the outset on merits - Additionally, the Prayer seeking permission to operate the Bank Accounts for executing day to day operation is denied keeping in view that the findings in the Impugned Order have a bearing on these consequent developments and unless the main matter is decided on merits, and further specifically keeping in view the Chequered History and Factual Matrix and Rival Contentions, this Tribunal, does not find any Justiciable reason(s), to grant any Interim Stay, as prayed for, by the Petitioner / Appellant. Application dismissed.
|