Oppression and Mismanagement - Deletion of names of Respondent ...

Appellate Tribunal Upholds Removal of Respondents, Imposes Rs. 5 Lakh Compensation for Unnecessary Involvement and Losses.

April 4, 2024

Case Laws Companies Law AT

Oppression and Mismanagement - Deletion of names of Respondent No. 4 to 8 and 13 from the array of the Respondents - Section 241, 242 and 243 of Companies Act - The Tribunal allowed the deletion of the respondents but imposed a token amount of Rs. 5,00,000/- as compensation for the loss suffered by them due to the order of stay. The Appellant contested this decision, arguing that the imposition of cost was unwarranted since the respondents were rightfully impleaded initially. However, the Appellate Tribunal upheld its decision, stating that the respondents were unnecessarily dragged into the litigation, causing them business losses and reputational harm. The appeal was dismissed, affirming the Tribunal's decision.

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Oppression and Mismanagement - Deletion of names of Respondent ...

Appellate Tribunal Upholds Removal of Respondents, Imposes Rs. 5 Lakh Compensation for Unnecessary Involvement and Losses.

April 4, 2024

Case Laws Companies Law AT

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