https://www.taxtmi.com/caselaws?id=760536 The NCLAT upheld the NCLT's order superseding the management of a club incorporated under Section 26 of the Companies Act, 1913. The court found that sufficient materials existed for the Central Government to form an opinion that the club's affairs were conducted prejudicially to public interest, as only 3% of expenditure was devoted to sports despite its sports promotion objectives. The conditions precedent under Section 241(2) of the Companies Act, 2013 were satisfied. However, the NCLAT directed the nominated 15-member committee to complete remedial actions by 31.03.2025 and conduct elections within three months thereafter, rejecting the appellant's argument that indefinite supersession was inappropriate. en-us Mon, 21 Oct 2024 00:00:00 +0530 Wed, 23 Oct 2024 08:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760536 The NCLAT upheld the NCLT's order superseding the management of a club incorporated under Section 26 of the Companies Act, 1913. The court found that sufficient materials existed for the Central Government to form an opinion that the club's affairs were conducted prejudicially to public interest, as only 3% of expenditure was devoted to sports despite its sports promotion objectives. The conditions precedent under Section 241(2) of the Companies Act, 2013 were satisfied. However, the NCLAT directed the nominated 15-member committee to complete remedial actions by 31.03.2025 and conduct elections within three months thereafter, rejecting the appellant's argument that indefinite supersession was inappropriate. Case-Laws Companies Law Mon, 21 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760536