https://www.taxtmi.com/caselaws?id=772253 The NCLAT Chennai dismissed a petition challenging proceedings under sections 59, 241, 242, and 244 of the Companies Act, 2013 regarding division of shares among partners where shares were held in partnership firm's name. The tribunal found the petition not maintainable as partnership firms are not recognized members under the Companies Act, 2013. Allegations of mismanagement and oppression were deemed unsubstantiated and dismissed. During proceedings, parties expressed willingness for mediation with shared costs, but ultimately the appeal was closed with the petition being dismissed. en-us Mon, 07 Apr 2025 00:00:00 +0530 Fri, 06 Jun 2025 08:30:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772253 The NCLAT Chennai dismissed a petition challenging proceedings under sections 59, 241, 242, and 244 of the Companies Act, 2013 regarding division of shares among partners where shares were held in partnership firm's name. The tribunal found the petition not maintainable as partnership firms are not recognized members under the Companies Act, 2013. Allegations of mismanagement and oppression were deemed unsubstantiated and dismissed. During proceedings, parties expressed willingness for mediation with shared costs, but ultimately the appeal was closed with the petition being dismissed. Case-Laws Companies Law Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772253