9911796707
TMI Blog2022 (6) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... n filed against an order dated 15.3.2022 passed by National Company Law Tribunal, Cuttack Bench, Cuttack. The Appellant has claimed to be promoter and shareholder of Rashi Steel and Power Limited. It has been stated that the Appellant and his group jointly owns 36.24% of the total paid up share capital of the Respondent No.1 company which has been reduced to 14.83% by the Respondent. Raising the dispute the Appellant filed a CP before the National Company Law Tribunal, Cuttack Bench, Cuttack which was numbered as CP No.126/CB/2021. In the Company Petition the Appellant sought for the following final relief which have been enumerated in para 14 of the Company Petition. It is quoted hereinbelow: Interim Relief: a) To appoint an independen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order that the affairs of Respondent No.1 have been carried by Respondents No.2-4 in a manner that is oppressive and that the affairs of Respondent No.1 also have been mismanaged in terms of Sections 241(1) (b) read with Section 242 of the Companies Act, 2016; and ii) To declare that the dilution of the shares of Petitioners is illegal and improper and to set aside the same; and iii) To declare the appointment of Sri Prem Chandra Jha and Sri Prakash Behera, Respondents No.3 and 4, as Additional Directors of Respondent No.1 on 22.06.2020 null and void. iv) To grant consequential relief declaring all the acts done by Respondent No.2, 3 and 4 unauthorised, illegal and therefore, null and void. v) To order the Respondents to pay costs f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal could not take place but on 07.04.2022 it was taken up and finally on 02.05.2022 the arguments were advanced by the parties at length. However, since hearing remained inconclusive, for further hearing next date has been fixed to 07.07.2022. Considering the submissions of Learned Counsel for the parties as well as undisputed fact that the Learned Tribunal is already hearing the Appeal for its final disposal there is no need to interfere with the impugned order. However, with the consent of the parties the Appeal is being disposed off with indication that subsequent change in the share if any of the either parties will be subject to the result of the proceeding pending before the Tribunal. With the above observations and directions, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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