9911796707
TMI Blog2015 (7) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... assed in the EOGM held on 20/12/2007, by which appointments of Mr. Shaunak H. Choksi (Respondent No. 2) as Managing Director and Mr. Himanshu Harshad Choksi (Respondent No. 3) as Whole-time Director, were made and their remunerations were fixed. It is, therefore, established that there is no default in holding the AGM as contemplated in Section 167 of the Act, The challenge as to validity of the AGMs, in my considered view, does not fall within the purview of the provisions contained in Section 167 of the Act as held in the cases (i) National Textile Corporation (U.P.) Ltd. [1998 (4) TMI 431 - HIGH COURT OF DELHI] and (ii) Gracy Thomas v. Four Square Estates P. Ltd. & Ors [2007 (10) TMI 608 - CALCUTTA HIGH COURT ]. - Petition dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by directing the Respondent No. l to convene its annual general meeting for the year ended 30/06/2004 within 45 days from the date of order of this Bench. (d) Pending the holding of AGM of the Respondent No. 1, to pass an order thereby appointing an Administrator, to take charge of the affairs of the Respondent No. 1. (e) To pass an order thereby appointing a person of repute or a professional to act as the impartial chairman of the AGM of the Respondent No. 1 to be convened. (f) Pending the holding of the AGM of the Respondent No. l, to pass an order thereby directing the other respondents not to create, alienate, sell, dispose of, transfer or in any manner handle the properties and assets of the Respondent No. 1 or to represent t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the company to hold any annual general meeting in the year of its incorporation or in the following year : Provided further that the Registrar may, for any special reason, extend the time within which any annual general meeting (not being the first annual general meeting) shall be held by a period not exceeding three months.] (2) Every annual general meeting shall be called for a time during business hours, on a day that is not a public holiday, and shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situate. [Provided that the Central Government may exempt any class of companies from the provisions of this sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany ; Provided that in the case of revival and rehabilitation of sick industrial companies under Chapter VIA, the provisions of this section shall have effect as if for the words 'Central Government', the word Tribunal had been substituted.] ' 4. Assailing the maintainability of the Petition, the Ld. counsel, appearing on behalf of the Respondents, has primarily contended that the prayers made by the Petitioner in the Petition are not within the ambit of scope of the provisions contained in Section 167 of the Art, and therefore, the Petition deserves to be dismissed in limine. To support his contention, the Ld. Counsel for the Respondents has relied on the decision in the cases of (i) National Textile Corporation *Utte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nshu Harshad Choksi (Respondent No. 3) as Whole-time Director, were made and their remunerations were fixed. It is, therefore, established that there is no default in holding the AGM as contemplated in Section 167 of the Act, The challenge as to validity of the AGMs, in my considered view, does not fall within the purview of the provisions contained in Section 167 of the Act as held in the cases (i) National Textile Corporation (U.P.) Ltd. (supra), and (ii) Gracy Thomas (supra). The relevant extracts of the said decisions are being reproduced hereinbelow for the sake of convenience:- (i) National Textile Corporation *Uttar Pradesh) Ltd. vs. Swadeshi Polytex Ltd. Ors. ([1998] Company Cases 91 Vol.92), The annual general meeting of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
