Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
The NCLAT dismissed the company appeal challenging interim reliefs granted by the NCLT in an oppression and mismanagement petition. The Tribunal held that the respondent's conduct in convening the EGM on 01.07.2025 pursuant to a special notice under s.115 read with s.169 of the Companies Act, 2013 was not shown to be unlawful, and refrained from adjudicating eleven allegations against Appellant No.2 which remain for determination in the principal petition. The interim application seeking a stay of the EGM and attendant corporate actions became otiose following the EGM and subsequent NCLT proceedings on 30.07.2025 and 26.08.2025, precluding any continuing status quo; the appeal was dismissed for lack of merit.
The NCLAT dismissed the company appeal challenging interim reliefs granted by the NCLT in an oppression and mismanagement petition. The Tribunal held that the respondent's conduct in convening the EGM on 01.07.2025 pursuant to a special notice under s.115 read with s.169 of the Companies Act, 2013 was not shown to be unlawful, and refrained from adjudicating eleven allegations against Appellant No.2 which remain for determination in the principal petition. The interim application seeking a stay of the EGM and attendant corporate actions became otiose following the EGM and subsequent NCLT proceedings on 30.07.2025 and 26.08.2025, precluding any continuing status quo; the appeal was dismissed for lack of merit.
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