TMI Blog2022 (6) TMI 992X X X X Extracts X X X X X X X X Extracts X X X X ..... directorial complaint and it does not disclose any mismanagement or act of oppression continuing from the date of filing of the company petition. It is also noted that certain properties of one company, namely, Somil Ispat Private Limited had been purchased for which a bid had earlier been made by one of the petitioners, whose bid was cancelled for non-payment of bid amount within stipulated time. Thus, this fact lends some credence to the claim of the petitioner that quasi-partnership was formed and whereby the respondent no. 1 company had taken over the assets of such company - It is also noted that even as per the respondents, a loan was taken by the respondent company to acquire assets of such company. A claim has been made that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he petitioners pursued the respondents who made promises but did not increase the shareholding as originally agreed. During the lockdown, it was not possible for the petitioners to visit the plant sight which was based in Muzaffarnagar, hence, petitioners were left at the mercy of the respondents to get any information. Subsequently, when the petitioners inspected the master data of the company, it was found that their shareholding had been reduced to 0.2% by way of right issue which was made in September, 2021 and private placements made in October, 2021. 3. It was further claimed that all these right issues/private placements were illegal and there was flagrant violation of the provisions of Companies Act, 2013. It was also claimed tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . There should be a restraint on respondent no. 2 to 4 on disposal of the assets of the company including plant and machinery and other assets (both immovable and movable). ii. A Special Officer or Director may be appointed to fairly conduct the affairs of the company till the disposal of this petition. iii. The operations of all the Bank accounts relating to the respondent no. 1, company should be done jointly both by the petitioners as well as respondents. iv. The petitioners be given a right to enter into the factory premises at the registered office of the company. v. Another prayer which was made that the directions be given to the ROC, Kanpur to mark the company as under management dispute . 6. The Ld. Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... right issue was made to clear the dues of electricity department. No reasonable justification as to why these funds were raised by way of right issue or private placement of equity shares and could not be raised in the form of loans has been given. We further find that even if there was arrest of petitioner no. 2, no plausible explanation has been given as regard to removal of petitioner no. 1 as Director of the respondent no. 1 company. 11. In the background of these facts, at this stage of interim relief, we are of the view that there exist circumstances where irreparable loss may be caused to the petitioners and also it may be prejudicial to the interest of the respondent no. 1 company, if certain interim reliefs are not given. Accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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