https://www.taxtmi.com/caselaws?id=408703 The bench determined that shareholders' meetings cannot be dispensed with under Section 230(1) of the Companies Act, 2013, emphasizing the statutory requirement for such meetings to ensure shareholder participation and transparency. The tribunal highlighted that it must adhere strictly to the legislative intent and statutory provisions, rejecting the judicial member's reliance on precedents that allowed dispensation based on shareholder consent. Additionally, the bench clarified that the NCLT cannot constitute benches with more than two members, as this exceeds its statutory authority. The decision mandates the applicant company to seek directions for holding shareholders' meetings, reaffirming the tribunal's limited jurisdiction and the necessity of consistency with statutory mandates. en-us Mon, 31 May 2021 00:00:00 +0530 Sat, 19 Jun 2021 10:18:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408703 The bench determined that shareholders' meetings cannot be dispensed with under Section 230(1) of the Companies Act, 2013, emphasizing the statutory requirement for such meetings to ensure shareholder participation and transparency. The tribunal highlighted that it must adhere strictly to the legislative intent and statutory provisions, rejecting the judicial member's reliance on precedents that allowed dispensation based on shareholder consent. Additionally, the bench clarified that the NCLT cannot constitute benches with more than two members, as this exceeds its statutory authority. The decision mandates the applicant company to seek directions for holding shareholders' meetings, reaffirming the tribunal's limited jurisdiction and the necessity of consistency with statutory mandates. Case-Laws Law of Competition Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408703