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TMI Blog2024 (12) TMI 1466X X X X Extracts X X X X X X X X Extracts X X X X ..... g the outcome of Agenda No.1 in abeyance - appealable order under Section 421 of the Companies Act, 2013 or not - HELD THAT:- Looking at the nature of the order, which has been subjected to challenge by invoking Section 421 of the Companies Act, 2013, it takes the shape of an Interlocutory Order, where the right of the Appellant in the context of provisions contained under Section 134 of the Companies Act, 2013, which though being procedural in nature and it s not being a substantive provision, has been left open to be considered and thus the Impugned Order permitting holding of the AGM as scheduled would be an Interlocutory Order. Since no material right of the Appellant has been addressed or effected on the merits and all objections of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : Justice Sharad Kumar Sharma , Member ( Judicial ) ] This is a Company Appeal which has been preferred under Section 421 of the Companies Act, 2013, where the Appellant/Petitioner puts a challenge to the Impugned Order dated 11.12.2024, as it has been rendered by the Learned Adjudicating Authority in IA(CA)/220(CHE)/2024 in CP(CA)/129(CHE)/2023. As a consequence of the Impugned Order, which has been passed, the Learned Adjudicating Authority had only granted time to the Respondents to file a reply and had permitted the AGM to be carried and further directed that the outcome of the AGM particularly in so far it related to Agenda No.1 be kept in abeyance, subject to the orders of the Tribunal. The brief facts as pleaded by the Learned Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AGM. The Appellant had contended that though the Application before the NCLT was filed with sufficient justifications and grounds, the NCLT decided not to interfere in the course of action of the Respondents and the Respondents were allowed to continue operating in absolute disregard to the specific mandate of the Companies Act, 2013. In the main Company Petition, CP(CA)/129(CHE)/2023, the Appellant had raised a dispute pertaining to the management of the Company and oppression of his rights, more particularly, the concerns regarding the financial affairs and accounting practices followed by the Company, such as removal of advances worth Rs.52.33 crores, from the books of accounts of the Company, reversal of entries and backdating of entrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellants also requested that since they want to place their objections qua the Agenda No.1, to adopt the financial statement of the Company for the Financial Year ending on 31.03.2024 and since they will not be able to attend the meeting on the proposed date, the AGM may be postponed to 18.12.2024 to enable him to attend it. The request for the postponement of the meeting was denied by Learned NCLT and it was instead directed that the AGM is to be held as scheduled, but the outcome of the same will be subject to the orders to be passed by the Tribunal. The relevant observation made by the Learned Adjudicating Authority in the Impugned Order is extracted hereunder: - Having heard the Ld. Counsels for the parties and that Ld. Counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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