TMI Blog2018 (9) TMI 1963X X X X Extracts X X X X X X X X Extracts X X X X ..... horities in the Government but the orders as given by NCLT are required to be carried out considering the provisions of the Companies Act which make it necessary for the Company to hold the AGM regularly. Appellant is directed to depute a nominee urgently, as per directions given in the Impugned Order. The directions given by NCLT be implemented by parties. The period of 60 days as mentioned in Impugned Order be calculated from the date of this Order, i.e. 26th September, 2018 - appeal disposed off. - Company Appeal (AT) No. 176 of 2018 - - - Dated:- 26-9-2018 - Justice A.I.S. Cheema Member (Judicial) And Balvinder Singh Member (Technical) For the Appellant(s) : Mr. Mithun Shashank and Mr. N. Harinath Reddy, Advocates For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Board through its authorized person in person or by proxy at the 10th Annual General Meeting of SITCO and at any adjournment thereof that may be directed by this Hon ble Tribunal failing which, that one member of SITCO present in person or by proxy in the 10th Annual General Meeting and at any adjourned meeting thereof be deemed to be an Annual General Meeting of the Company duly called, held and conducted; d) give such other incidental directions as the Hon ble National Company Law Tribunal may deem fit 4. It appears that Andhra Pradesh Housing Board (APHB -in brief) and Respondent No.1 IJM jointly promoted Respondent No.2 M/s. Swarnandhra IJMII Integrated Township Development Company (SITCO in short) for the purpose of develo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd also considered the provisions of the old Companies Act of 1956 as well as the new Companies Act of 2013 and the need to hold Annual General Board Meetings. The grievances put up by the Appellant were taken note of but still the directions to hold AGM were given. 7. The learned counsel for the Appellant submits that after Andhra Pradesh was split with effect from 2nd June, 2014 and the State of Andhra Pradesh and State of Telangana came into existence, the Appellant (Original Respondent No. 2) has to still nominate Director on the Board of Respondent No. 2 and this has not become possible due to the fact that the State has been recently split. It is stated that the Appellant is Statutory Housing Board and awaits directions from the Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olders meeting, no purpose would be achieved by R2/R3 wherein there are only 2 shareholders. (h) In the light of above discussion of the case, we allow the present application by excusing the default in holding 10th Annual General Meeting (AGM) by R1 Company and direct Swarnandhra IJMII Integrated Township Development Company Private Limited (SITCO) to hold 10th AGM within 60 days from the date of receipt of copy of this Order, after duly serving statutory notice of 21 days to all the parties concerned, to receive, consider and adopt the audited accounts of the Company for the period ended 31st March, 2013 and the reports of the Directors and Auditors thereon. The Telangana Housing Board, the successor Board of previous APHB is direc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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