https://www.taxtmi.com/caselaws?id=314037 NCLAT dismissed a petition seeking waiver of eligibility criteria under Section 244 following removal of Managing Director for oppression, mismanagement, and illegal fund siphoning. The Tribunal held that incorrect statutory references do not invalidate actions if justifiable under other provisions, citing SC precedent. NCLAT exercised inherent powers under Section 420(1) to pass interim directions, emphasizing tribunals can mould reliefs to meet justice requirements. The Tribunal directed NCLT to decide pending company petitions within three months, disposing of the appeal while upholding the lower tribunal's discretionary powers. en-us Fri, 28 Jan 2022 00:00:00 +0530 Tue, 14 May 2024 19:14:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314037 NCLAT dismissed a petition seeking waiver of eligibility criteria under Section 244 following removal of Managing Director for oppression, mismanagement, and illegal fund siphoning. The Tribunal held that incorrect statutory references do not invalidate actions if justifiable under other provisions, citing SC precedent. NCLAT exercised inherent powers under Section 420(1) to pass interim directions, emphasizing tribunals can mould reliefs to meet justice requirements. The Tribunal directed NCLT to decide pending company petitions within three months, disposing of the appeal while upholding the lower tribunal's discretionary powers. Case-Laws Companies Law Fri, 28 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314037