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TMI Blog2022 (12) TMI 667X X X X Extracts X X X X X X X X Extracts X X X X ..... e been filed by the parties and the main matter is ripe for arguments, therefore, in the facts and circumstance of the case aforenoted, there is no illegality in the impugned order. Therefore, we do not find any merit in the instant Appeal. Order of NCLT affirmed. - Company Appeal ( AT ) No. 118 of 2022 - - - Dated:- 12-12-2022 - [ Justice Anant Bijay Singh ] Member ( Judicial ) And [ Mr. Kanthi Narahari ] Member ( Technical ) For the Appellant : Mr. Aayush Agartwal , Mr. Siddham Nahata and Mr. Auritro Mukherjee , Advocates For the Respondent : Mr. Surabh Kalia and Mr. Chaitanya Bansal , Advocates for Respondents JUDGMENT Justice Anant Bijay Singh ; The instant Appeal under Section 421 of the Companies Act, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled since Respondent Nos. 2 and 3 arbitrarily and completely illegally halved the shareholding of the Rajan Goel group (from 35.8% to 17.9%) in the space of merely 3-4 months. Mr. Vikas Goel, who is Respondent No. 2 herein, is the head of the Vikas Goel group. He is the younger brother of Mr. Rajan Goel and was encouraged to join the Company by Mr. Rajan Goel himself. The Vikas Goel group comprises of his wife Ms. Ritu Goel and his son Mr. Akash Goel (Respondent No.3) herein. The Vikas Goel group, while reducing the shareholding of Rajan Goel group as indicated above, have within the space of the same 3-4 months, increased own shareholding from 2.3% to 80.65%. iii) The subject petition accordingly narrated the several acts of oppression ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the reason that Mr. Moolchand Surana, being a witness to the discussion, had special knowledge about the facts in which the documents came to be signed. Further, the NCL T admittedly has powers to summon witnesses and examine them on oath under Section 424 of the Companies Act, 2013, thereafter, after hearing the parties, the Tribunal dismissed the said application which led to filing of this Appeal. 3. The Ld. Counsel for the Appellants during the course of argument and in his memo of Appeal submitted that the Tribunal has completely failed to appreciate that it possesses powers under Section 242 of the Companies Act, 2013 to issue summons to individuals and examine them on oath in appropriate cases. The Appellant prayed before the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uments. The Appellants have admitted the issues raised in the reply to the petition and have also filed rejoinder along with the affidavit wherein the Appellants have nowhere in the petition and rejoinder been able to prove that the shares were deposited in the custody of Mr. Moolchand Surana and that his examination is necessary for adjudication of the proceedings. Thus, the Appellants had no locus to demand examination subsequently by way of the application. 6. It is further submitted that it is an established principle that the proceedings before the Tribunal are of summary nature. It has been held in plethora of judgments that the Tribunal should allow examination of witness on oath only in special circumstances or when the petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssitating examination of witness with sole intent to impede the adjudication of the petition. Based on the above submissions, the instant Appeal is liable to be dismissed. 8. After hearing the parties and going through the pleadings made on behalf of the parties, we have noticed from the impugned order that the Tribunal has examined those documents which have been filed by the parties and the main matter is ripe for arguments, therefore, in the facts and circumstance of the case aforenoted, there is no illegality in the impugned order. Therefore, we do not find any merit in the instant Appeal. The impugned order dated 31.05.2022 passed by the National Company Law Tribunal (New Delhi Court IV) in New IA-116/ND/2022 in CP-88/ND/2021 is her ..... X X X X Extracts X X X X X X X X Extracts X X X X
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