https://www.taxtmi.com/caselaws?id=757206 NCLAT Principal Bench dismissed appeal in oppression and mismanagement case involving 50:50 shareholding dispute. Tribunal held that appointment/removal of directors cannot constitute oppression as it must be prejudicial to company members, not directors. Found appellants attempted to oust respondent's family from management control through casting vote misuse from 2015 onwards. Applied quasi-partnership principles despite public limited company structure. Adjudicating Authority's removal of casting vote upheld as necessary to prevent 50% shareholders from making unilateral decisions benefiting themselves while denying rights to other 50% shareholders. Equal shareholding entitled both parties to board representation and management participation under Companies Act, 2013. en-us Wed, 14 Aug 2024 00:00:00 +0530 Tue, 20 Aug 2024 08:25:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757206 NCLAT Principal Bench dismissed appeal in oppression and mismanagement case involving 50:50 shareholding dispute. Tribunal held that appointment/removal of directors cannot constitute oppression as it must be prejudicial to company members, not directors. Found appellants attempted to oust respondent's family from management control through casting vote misuse from 2015 onwards. Applied quasi-partnership principles despite public limited company structure. Adjudicating Authority's removal of casting vote upheld as necessary to prevent 50% shareholders from making unilateral decisions benefiting themselves while denying rights to other 50% shareholders. Equal shareholding entitled both parties to board representation and management participation under Companies Act, 2013. Case-Laws Insolvency and Bankruptcy Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757206