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TMI Blog2021 (3) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... ivasan, Sr. Advocate, Mr. Vivek Tankha, Sr. Advocate, Mr. Shammak Mitra, Ms. Rajshree, Chaudhary, Mr. Shivkrit Rai, Ms. Swapnil Khatri, Mr. Pranaya Goyal, Mr. Utkarsh Kulvi, Mr. Chiranjivi Sharma, Mr. Pradhi Khatri, Mr. Rishabh Alva, Advocates. For the Respondents : Dr. U.K. Chaudhary, Sr. Advocate, Ms. Manisha Chaudhary, Mr. Naveen Dahiya, Mr. Mansumyer Singh, Mr. Aditya Bish, Mr. Satyam Roy Advocates for Respondent No. 1, 4 and 5. Mr. Naukul Dewabm, Sr. Advocate, Mr. Rajendra Barot, Mr. Prabhav Shroff, Mr. Harshit Jaiswal, Mr. Sambit Nanda, Advocates for Respondent Nos. 2, 6 & 7 Dr. Harsh Surana, Mr. Yelop Singh and Dr. Ajay Murdia, Advocates for Respondent No. 3. JUDGMENT KANTHI NARAHARI, MEMBER (TECHNICAL) Preamble: The present a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... henomenal growth and expansion of the Business. Thus, Respondent No. 1 Company was incorporated to take over the business of Partnership firm. While, so, the Respondent No. 2 purchased 35% shareholding of the Respondent No. 1 Company and the Respondents systematically ousted the Appellants from the management and day to day affairs of the Respondent No. 1 Company with the sole ulterior motive of throwing the Appellants out of the Respondent No. 1 Company. Respondent Nos. 2 to 7 committed gross irregularities by controlling Respondent No. 1 Company spending funds, syphoning of monies under the guise of CSR expenditure etc. The Appellants own 13% of shares each in Respondent No. 1 Company aggregating to 26% and being promotors/Directors on it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent No. 1 Company since its inception, the Controlling Respondents without giving an opportunity of being heard, removed the Appellants as Director (Finance) and Director (Operation) respectively in Respondent No. 1 Company. Further, the Respondents created false records and ousted the Appellants from the management and day to day affairs of the Respondent No. 1 Company and created a complete information block including blocking the access to the Appellants' own official e-mail account etc. Learned Senior Counsel for the Appellants further submitted that the learned NCLT failed to appreciate that the interim reliefs prayed by the Appellants to restrain the Respondents from holding the AGM on 01.12.2020 or removing the Appellants as Direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Respondents submitted that the Appeal is without any merit and liable to be dismissed at threshold. 9. It is submitted that the Hon'ble NCLT granted status quo order by way of impugned order dated 27.11.2020 and the Hon'ble NCLT posted the Company Petitions along with Company Applications for final disposal on 18.12.2020. Therefore, the learned Senior Counsel submitted that the Appellants instead of prosecuting the Company Petitions and the Application before the Hon'ble NCLT, approached this Appellate Tribunal without completely exhausting their remedies available to them. Learned Senior Counsel for the Respondents submitted that the 3rd Respondent filed Company Petition being C.P. No. 163 of 2020 before the Hon'ble NCLT, Jaipur B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s evident that the Appellants sought interim reliefs viz, stay the proposed Board meeting scheduled to be held on 07.11.2020, stay the operation of any purported resolutions passed in the Boarding Meeting of 07.11.2020, stay the operation of any purported termination and sought an order directing the Respondents to forthwith restore all rights, benefits and entitlements etc. and mainly sought a direction to reinstate the Appellants/Petitioners as Head of Finance and Head of Operations of the Respondent No. 1 Company respectively. The Appellants also sought various other interim reliefs in the main petition. The Appellants moved I.A. No. 385 of 2020 interalia praying the Hon'ble Tribunal to stay purported Board Meeting dated 07.11.2020, stay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed order categorically stated at para-9 of the impugned order which is reproduced hereunder: ... "9. In view of the levelling of allegations and counter allegations of very serious nature by both sides, it is necessary to examine the same in detail, after giving opportunity to both sides to complete their pleadings. Therefore, we issue notices in both the CPS and CAs. The learned counsel for the petitioners in both the CPs shall collect the notices from the Registry and serve the same on the respondents along with copy of petition, entire paper book and copy of this order either through speed post or e-mail and shall file affidavit of service within one week. The respondents in both the CPs and CAs, shall file their respective relies wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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