2022 (9) TMI 1566 - AT - Companies Law

Seeking stay of Extra Ordinary General (EOGM) meeting - Sections 241 and 242 of the Companies Act - HELD THAT - The Appellant has filed two Company Petitions bearing CP 38 of 2022 and CP 41 of 2022 under Sections 241 and 242 of the Companies Act, 2013 which are still pending before the Tribunal and the next date of hearing is fixed on 06th October, 2022 in the matter before the Tribunal. The instant Appeal is disposed off with a request to the National Company Law Tribunal (New Delhi Court V) to expedite the matter without giving unnecessary adjournment and consider all these issues raised by the Appellant and Respondents and pass appropriate orders at an early date, not later than three months from the date of this order.

Summary

Issues:
1. Stay of Extra Ordinary General Meeting
2. Pending Company Petitions under Sections 241 and 242 of the Companies Act
3. Infructuous Appeal due to meetings being held
4. Request for expedited consideration by the National Company Law Tribunal

Stay of Extra Ordinary General Meeting:
The Appellant filed an Appeal against the order rejecting their application for a stay of an Extra Ordinary General Meeting (EOGM) scheduled for 23.04.2022. The Tribunal held that the result of a previous Board meeting was subject to the outcome of pending petitions under Sections 241 and 242 of the Companies Act. Despite the rejection of the application, the Appeal was filed seeking a stay, which was disposed of with a request to expedite the matter without unnecessary adjournments.

Pending Company Petitions under Sections 241 and 242 of the Companies Act:
The Appellant had filed two Company Petitions under Sections 241 and 242 of the Companies Act against two companies. The Tribunal noted that these petitions were pending, with the next hearing scheduled for 06th October, 2022. The Appeal was disposed of considering the pendency of these petitions and requested the National Company Law Tribunal to consider all issues raised by the parties and pass appropriate orders within three months.

Infructuous Appeal due to meetings being held:
The Respondents informed that the EOGM had already taken place on 23.04.2022, and a Board meeting was held on 25.04.2022, rendering the Appeal infructuous. The Appellant's petitions were still pending before the Tribunal, and the Appeal was disposed of with a directive to expedite the matter and pass orders promptly.

Request for expedited consideration by the National Company Law Tribunal:
In light of the circumstances, the Appellate Tribunal requested the National Company Law Tribunal to expedite the matter, avoid unnecessary adjournments, and ensure the consideration of all issues raised by the parties. The Appeal was disposed of with this request, emphasizing the need for timely resolution within three months from the date of the order.

This judgment highlights the importance of timely resolution of legal matters, especially in corporate disputes, and emphasizes the need for expeditious consideration by the relevant judicial authorities.