Minority Shareholders' Right to Petition Against Company Upheld by NCLAT, Overruling NCLT's Strict Interpretation.

Four members filed a petition u/s 241 of the Companies Act, 2013 against a company with 30 members. The NCLT dismissed the petition on the ground that it did not meet the criteria u/s 244, which requires petitioners to be at least 1/10th of the total members. The NCLAT allowed the appeal, holding that since the petitioners constituted 1/10th of the total members, the petition was maintainable. .....

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