9911796707
TMI Blog2020 (1) TMI 1588X X X X Extracts X X X X X X X X Extracts X X X X ..... A No. 22/CTB/2020 - - - Dated:- 17-1-2020 - Sucharitha R., Member (J) and Satya Ranjan Prasad, Member (T) For the Appellant: Laxmi Dhar Sahoo, Adv. For the Respondent: Jishnu Chowdhury, Patita Paban Bishwal, Advs., Gopinath Nayak, Saswat K. Acharya and Ashish K. Dey, Advs. ORDER 1. The petitioner and the respondent are present. The petitioner in main CP No. 98/CTB/2019 has filed this IA No. 22/CTB/2020. The prayer in the IA No. 22/CTB/2020 are as follows: - Be pleased to stay the removal of Dr. Kedarnath Panda, the Petitioner No. 1 from the Directorship of the Company, proposed in the Extraordinary General Meeting of the Company scheduled to be held on 20.01.2020, stay on his discontinuation of service and stay on r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Cuttack Bench, Cuttack before 19th December, 2019. 4. Meanwhile, the petitioner had filed this IA No. 22/CTB/2019. The respondent has filed their reply. 5. The respondent herein, had filed IA No. 200/CTB/2019 seeking permission to hold board meeting to pass necessary resolution for obtaining financial facilities from Bankers. This Tribunal by Order dated 13.01.2020 read as follows: - IA No. 200/CTB/2019, heard both the counsels. The prayer in the Interim Application are: - a. An order be made and/or permission be granted for allowing the present management to call Board Meeting and consider the agenda mentioned in Para No. 18 of the Application as proposed by the Bank. The applicant gives up all other reliefs prayed fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his issue was taken up today. The respondent has agreed to change the words from pass necessary resolution to deliberate to pass necessary resolution . The respondent agreed to hold the meeting in common place, preferably in a conference room of a Hotel. However, the petitioner suggested that the meeting ought to be held at Hotel Empire. The respondent agreed for the same. It was resolved that petitioner shall book the Conference Room of Hotel Empire for Board Meeting to be held on 20.01.2020 at 10:30 A.M. The respondent company shall borne the entire cost. The petitioner shall inform the details of booking to the respondent by 10:00 A.M. tomorrow the Saturday 18th January, 2020. Failing which the respondent shall decide the venue and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and no ground has been made so. In support of this claim, that the shareholders have right to conduct and elect Director, the Ld. Counsel for respondent cites LIC Vs. Estort Others, 1986 (1) SCC 264. 10. We have heard both parties. The proposed agenda and logical outcome of the meeting cannot be stayed at this stage. The shareholders have right to convene the meeting and pass resolutions as per Companies Act, 2013 and Rules. 11. However, the respondent are bound by the undertaking given before Hon'ble NCLAT in Company Appeal (AT) No. 283 of 2019, dated 04.12.2019. 12. There is no prayer by petitioner to stay the EGM nor there is any irregularity. 13. However, it is open to the petitioner to raise all his grievance, if any ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
