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The Tribunal has the authority to order the purchase of shares by the company from any member u/s 242(2)(b) of the Companies Act, 2013, in cases of oppression and mismanagement. The Supreme Court has held that even without finding oppression, the court may grant relief to achieve substantial justice between parties. Though reasons were not explicitly stated, the Tribunal considered submissions and cited case laws before passing the order u/s 242(2)(b). As the respondent cannot sell shares in the open market, being a private company, the Tribunal's order to purchase shares is not prejudicial and aids smooth company operations. The NCLAT dismissed the appeal, finding no illegality in the Tribunal's order.
The Tribunal has the authority to order the purchase of shares by the company from any member u/s 242(2)(b) of the Companies Act, 2013, in cases of oppression and mismanagement. The Supreme Court has held that even without finding oppression, the court may grant relief to achieve substantial justice between parties. Though reasons were not explicitly stated, the Tribunal considered submissions and cited case laws before passing the order u/s 242(2)(b). As the respondent cannot sell shares in the open market, being a private company, the Tribunal's order to purchase shares is not prejudicial and aids smooth company operations. The NCLAT dismissed the appeal, finding no illegality in the Tribunal's order.
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