Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Page of 4794
Press 'Enter' after typing page number.
741 to 760 of 95875 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The NCLAT upheld the NCLT's decision to refuse waiver u/ss 244(1)(a) and (b) of the Companies Act 2013 to the Appellants, who held only 5.83% shareholding, to file an oppression and mismanagement case u/s 241. While the NCLAT can make a preliminary assessment to determine if the petition falls within Sections 241 and 244, it found no exceptional circumstances to bypass the minimum shareholding requirement. The Appellants' primary grievance revolved around the removal of one Appellant as Director, which the Supreme Court has held cannot trigger oppression relief u/ss 241 and 242. The petition did not substantiate a genuine case of oppression and mismanagement, and the NCLT rightly refused the waiver based on its assessment.
The NCLAT upheld the NCLT's decision to refuse waiver u/ss 244(1)(a) and (b) of the Companies Act 2013 to the Appellants, who held only 5.83% shareholding, to file an oppression and mismanagement case u/s 241. While the NCLAT can make a preliminary assessment to determine if the petition falls within Sections 241 and 244, it found no exceptional circumstances to bypass the minimum shareholding requirement. The Appellants' primary grievance revolved around the removal of one Appellant as Director, which the Supreme Court has held cannot trigger oppression relief u/ss 241 and 242. The petition did not substantiate a genuine case of oppression and mismanagement, and the NCLT rightly refused the waiver based on its assessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
