Tribunal Grants Interim Relief in Shareholding Dispute under Companies Act

The Tribunal acknowledged the petitioners' entitlement under Section 244 of the Companies Act, even without considering the rectification prayer, and admitted the matter. Interim reliefs granted included maintaining the status quo of the shareholding pattern and properties, declining to appoint a Commissioner, instructing production of records for verification, and scheduling further hearings. The Tribunal addressed the rectification of shareholding under the Companies Act, 2013, and granted interim reliefs as requested by the petitioners to preserve company records pending further proceedings.

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Issues:
1. Rectification of shareholding under Companies Act, 2013.
2. Interim reliefs sought by petitioners.

Analysis:

1. Rectification of shareholding under Companies Act, 2013:
The petitioners claimed that shares mentioned in the petition should have been registered in their name but were wrongly in the name of R2 as per the company's Annual Returns. The petition was primarily for rectification under Section 59 of the Companies Act, 2013, along with Sections 241-242. The Tribunal acknowledged the petitioners' entitlement under Section 244 of the Companies Act, even without considering the rectification prayer, and admitted the matter.

2. Interim reliefs sought by petitioners:
a. The Tribunal directed the respondents to maintain the status quo of the shareholding pattern of the company until further orders.
b. The respondents were also directed to maintain status quo regarding alienation or encumbrance of the company's properties.
c. The Tribunal declined to appoint a Commissioner at that stage but instructed the respondents to produce all primary records and documents by a specified date for verification by the petitioners.
d. The petitioner was directed to issue another notice to the respondents for appearance, with time granted for filing a counter, and the matter was scheduled for further hearing on a specific date.

In conclusion, the Tribunal addressed the issues of rectification of shareholding under the Companies Act, 2013, and granted interim reliefs as requested by the petitioners, ensuring the maintenance of the status quo and preservation of company records pending further proceedings.

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