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TMI Blog2016 (12) TMI 1359X X X X Extracts X X X X X X X X Extracts X X X X ..... uditor of the company and Mr. Sandeep Vats, who was another director appointed by the company. He is sought to be given by draft agenda charge of asset of the company although his appointment is under challenge in the Company petition. Objections have also been raised with regard to the preferential shares amounting to ₹ 3440891 and confirmation of the minutes of the meeting held on 4.5.2016, 14.5.2016, 20.5.2016 and 16.6.2016; also in respect of some other items. Merely because the non applicant-petitioner has challenged the appointment of directors and some other actions of Respondent No.1-company could not be suffice to refuse permission to hold to a meeting to facilitate day to day affairs of the applicant-Respondent No.1-comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .f. August 12, 2016. He was in charge of the day to day affairs of the company and its subsidiaries. As a result of his resignation several key managerial personnel of the company including the Company Secretary and Chief Technology officer have also tendered their resignation. [Annexure B C]. The applicant/respondent No.1-company is facing huge and crippling financial crises and has not been able to pay third parties, creditors, vendors and employees. The applicant-Respondent No.1-company and its subsidiaries have been compelled to cease their operations on account of lack of funds which is proved by email dated August 17, 2016 [Annexure -D]. It is in these circumstances present application has been necessitated. 3. The prayer made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llegal and oppressive actions of Respondent No.2. The agenda does not contain any specific proposal of reviving the business of the company or any proposal to reconstruct the oppressions. 4. The non applicant-petitioner has fairly stated in para 15 that he has in general no objection to holding of the meeting to facilitate the smooth working of the company provided the items which are not of urgent nature may be deferred till the disposal of the company petition, and the decision taken on other agenda items at the proposed meeting shall not have any effect on the merits of the company petition; and it shall not amount to legitimization of the acts of oppression. It has been prayed that periodical statements of all Bank accounts of respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efuse permission to hold to a meeting to facilitate day to day affairs of the applicant-Respondent No.1-company. The activities and functions of the company cannot be stifled by passing a gag order especially to perform statutory compliance. However interest of the non applicant-petitioner could be protected by passing an order that passing of any resolution from the list of draft agenda would not cause any prejudice to the right of the non applicant-petitioner pending consideration in C.P. No. 122(ND)/2016. 6. In view of the above the application succeeds. We permit the applicant-respondent No.1-company to hold its meeting on September 30, 2016. We make it clear that passing of resolution shall not be considered as a blow to the rights ..... X X X X Extracts X X X X X X X X Extracts X X X X
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