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TMI Blog2020 (10) TMI 920X X X X Extracts X X X X X X X X Extracts X X X X ..... d Mrs Amrita Pandey, Advocatges for R4 to R5. JUDGEMENT Mr. Balvinder Singh, Member (Technical) 1. The present appeal has been preferred by appellant under Section 421 of the Companies Act, 2013 against the impugned order dated 5th June, 2020 passed by National Company Law Tribunal, Kolkata Bench, Kolkata (in short 'Tribunal') in unnumbered CP __/KB/2020 vide which the Tribunal has declined the interim relief prayed by the appellant. 2. The brief facts of the case are that the 1st respondent is a company incorporated under Companies Act, 1956 on 7th April, 1971. The company has issued and subscribed 22612 equity shares of Rs. 100/- each. The appellants are shareholders of 1st respondent and holds about 5652 equity shares(24.99%). The Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lding and/or claiming to be the Directors of R-1 company. iii) Injunction restraining the respondents and each of them from expending any funds of the company in any manner whatsoever including the purpose of contesting the present proceedings; iv) In the alternative and without prejudice to the aforesaid prayers, this Hon'ble Tribunal may be pleased to direct the management and the administration of R-1 Company be conductged by. 4. After hearing the parties on the interim relief at length, the Tribunal ordered that "the balance of convenience also does not favour the petitioners. In view of the matter I am not inclined to grant the interim reliefs as prayed for". 5. Being aggrieved by the said order dated 5th June, 2020, the appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. g) that 4th Respondent was shown to be appointed as Director but in the form DIR 12 the 4th Respondent No.4 is shown to have been appointed as Additional Director. h) that the Respondents are using the funds of the company to sponsor the litigation against the appellants. i) that the letter of appointment of 4th and 5th respondent and the letters submitted to Bank are totally different (Page 187 and 188 read with Paged 199 and 200). j) that in the Board Meeting dated 20th January, 2020 the mandate to Bank was changed. The Respondents have failed to explain why they had intimated to the Bank about the change of mandate in Mid March, 2020 after a gap of 45 days approximately. 7. Reply on behalf of 1st to 3rd Respondent has been f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Respondent company due to which the wages of more than 55 employees could not be paid for several weeks from March 2020. f) that the appellants deliberately filed returns fraudulently by unilaterally manipulating the entries for their own malafide purposes for which the Respondents have to file the revised returns and also issued warning to the appellants vide email dated 31.10.2019 (Page 110 of reply). 8. Reply on behalf of 4th and 5th Respondent has also been filed. Respondents have stated that the appeal has been filed upon suppression of material fact in abuse of the process of law and is misleading and the balance of convenience does not lie in favour of the appellant. Basically the Respondents have supported the version of 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged Board Meeting held at 4 PM on 20th January, 2020. 13. We further expect that hencefortgh the Company and its Director will communicate with each other with e-mail in addition to communication by normal channel made by the Company. This will end the controversy regarding service of notice. We also direct that till the decision of this case account of the Respondent Company will be operated by all the four directors, who were operating the account before the alleged board meeting dated 20th January, 2020. 14. In view of the foregoing discussion Appeal is disposed of with the direction to the National Company Law Tribunal to make an effort to decide the Appeal on merit, after hearing both the parties expeditiously in terms of Section 422 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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