Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The NCLAT held that the respondents, as legal representatives of a deceased shareholder, have locus standi to maintain a company petition u/s 241 alleging oppression and mismanagement. The non-compliance with Section 244(1) was wrongly rejected by the NCLT. Despite pending legal proceedings, the allegations warrant examination, and the respondents are justified in representing the deceased's estate and shareholding interests. The NCLT did not exceed its jurisdiction, and the appeal was dismissed.
The NCLAT held that the respondents, as legal representatives of a deceased shareholder, have locus standi to maintain a company petition u/s 241 alleging oppression and mismanagement. The non-compliance with Section 244(1) was wrongly rejected by the NCLT. Despite pending legal proceedings, the allegations warrant examination, and the respondents are justified in representing the deceased's estate and shareholding interests. The NCLT did not exceed its jurisdiction, and the appeal was dismissed.
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