https://www.taxtmi.com/caselaws?id=759365 The NCLT Hyderabad dismissed a company petition under Section 399 of the Companies Act, 1956 for oppression and mismanagement. The tribunal held that petitioners failed to satisfy mandatory pre-conditions, specifically the requirement for written consent from other shareholders under sub-section (3) of Section 399. Consent affidavits filed after 15 years at the end of proceedings were deemed insufficient. Additionally, the petition was barred by limitation as the alleged illegal share transfers were discoverable through annual returns uploaded on the MCA website, constituting public notice. The tribunal found no acts of oppression or mismanagement were established, declaring the petition thoroughly misconceived. en-us Thu, 25 Jan 2024 00:00:00 +0530 Mon, 30 Sep 2024 13:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759365 The NCLT Hyderabad dismissed a company petition under Section 399 of the Companies Act, 1956 for oppression and mismanagement. The tribunal held that petitioners failed to satisfy mandatory pre-conditions, specifically the requirement for written consent from other shareholders under sub-section (3) of Section 399. Consent affidavits filed after 15 years at the end of proceedings were deemed insufficient. Additionally, the petition was barred by limitation as the alleged illegal share transfers were discoverable through annual returns uploaded on the MCA website, constituting public notice. The tribunal found no acts of oppression or mismanagement were established, declaring the petition thoroughly misconceived. Case-Laws Companies Law Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759365