TMI Blog2021 (6) TMI 731X X X X Extracts X X X X X X X X Extracts X X X X ..... It appears from the records that the original Company Petition was filed on 03.07.2019 before the Chennai Bench. The Applicant alleged procedural irregularities occurred while convening the Annual General Meetings to avail the benefit of the Companies Fresh Start Scheme 2020 for the financial years 2015-2016, 2016-2017, 2017-2018, 2018-2019 according to the Companies Act, 2013. The complaint of the Applicant in the Original Company Petition is that no AGM for the Financial Years 2015-2016 and 2016-2017 was conducted. This Tribunal is of the opinion that only based on the conclusion that whether the petition is maintainable or not, then only subsequent events can be considered to do complete justice between the parties and to make app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t respondents are at liberty to take recourse to avail the benefit of Companies Fresh Start Scheme 2020 if such a course is necessary. 3. It is further stated that among the aforementioned AGM's proposed, only the 11th AGM for the financial year 2015-2016 was conducted on 11.12.2020 and that other AGM's were adjourned stating that the venue fixed for the 12th AGM was wrong. Subsequently the 12th, 13th and 14th AGM's were convened on 26.12.2020. Notice to conduct the 15th Annual General Meeting for the Financial year 2019-2020 was issued fixing the date on 26.12.2020. However, the 15th AGM was adjourned stating that the Balance Sheet and P L statement for the year 2019-2020 were not prepared. The 15th AGM was thereafter he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition. 8. Respondent Nos. 1 and 2 filed their counter and stated that it is a settled position of law that the matters transpired till the date of filing of the original Company Petition shall be looked into by the Tribunal and the pleading in the above petition was completed and the matter is posted for final hearing. It is also stated that even though the Petitioner had attended the meetings and voted against the resolutions for approving the accounts, the resolutions were passed with a majority as required under the Companies Act, 2013. 9. It is further stated that Respondent Nos. 1 and 2 filed IA/07/KOB/2020 questioning the maintainability of the Company Petition on account of the fact that the pleadings do not contain the ing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed the Respondents to undertake such a venture and the Petitioner having actively participated in the said meetings and having been appraised and being privy to all the discussions and resolutions made in the above mentioned AGMs cannot cry foul and seek quashing the entire AGM proceedings for merely not accepting the objections he had raised at the said AGMs. The Respondent company had judiciously noted the objections raised by the Petitioner and passed the resolutions, audited accounts and conducted all the other businesses at the AGMs after getting the same passed with the assistance of majority members as is required under law. It may be noted that the fresh start scheme is an extraordinary process and as such does not stick to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Transport (P) Ltd. and others (1998) 1 Com LJ 342 (CLB), which states that .....................Subsequent events brought on record alone in case the main petition fails on the merits cannot entitle a person to any relief. In case the allegations in the main petition are proved then the subsequent events may be taken into consideration by the Board in moulding suitable relief. 16. In the order of this Tribunal dated 10.12.2020 in IA/212/KOB/2020 it was ordered that 'the decisions/resolutions/business taken in the ensuing AGMs be kept in abeyance until further orders'. Therefore, the subsequent events alleged by the Applicant in this Application is already under consideration of this Tribunal, but such consideration would be o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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