TaxTMI 
TaxTMI 
2019 (11) TMI 1481
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.... Company Petition and as per the order dated 27.09.2019 passed by the Hon'ble NCLAT in Company Appeal (AT) No. 112 of 2019. 2. The factual back drop may be stated as follows. The Petitioners claiming their entitlement to 1,70,726 shares (15.39%) of Respondent No. 1, a Private Limited Company came up with the Company Petition under sections 59, 210, 213, 216, 241, 242 of the Companies Act 2013 seeking various orders including the declaration that the affairs of the Respondent No. 1 Company are being conducted in a manner of prejudicial to its interest and that of its shareholders. The learned NCLT, Hyderabad (before whom it was then pending) on consideration of the interim prayers passed the following order on 06.02.2019. "Having hear....
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....t the NCLT to hear Respondent Nos. 1 to 3, 5 and 6 with regard to the impugned order dated 6th February. 2019 and after giving opportunity to these Respondents, the NCLT may either maintain the order dated 6"' February, 2019 or may modify or pass any other suitable orders as deemed fit. 7. The stay granted by us on 16th May, 2019 Will continue till 4th November, 2019 by which time, the NCLT is requested to further hear the arties as regard the impugned dated 6th February, 2019 is concerned. The parties are expected to cooperate. In case, the NCLT finds that the parties are not cooperating, or for any other reason, interest of justice so requires, it would be open for NCLT to direct that stay after 4th November, 2019 will not continue.....
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....ll date and submit a report before the Hon'ble Tribunal. d) To direct the Respondent 2nd, 3rd and 6th Respondent not to alienate or create any encumbrance over the property of the 1st Respondent Company; e) To pass an order restraining the Respondents 2nd, 3rd and 6th Respondent from representing the 1st Respondent Company as directors before any authority whom so ever it may; f) To pass an order restraining he 2nd, 3d and 6th Respondent from convening AGM, EGM and Board meeting without the prior approval of the Hon'ble Tribunal; g) To pass an order restraining the 2nd, 7th, 8th and 9th Respondent from exercising any voting rights on the shares to be transferred to the Petitioners, the consenter and their associates till dis....
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....ed 15.02.2017 of the Hon'ble NCLAT in M/s. Esquire Electronics Inc. & Anr. v. Netherlands India Communications Enterprises Ltd. & others (Company Appeal (AT) No. 26 of 2016) and the Hon'ble Supreme Court in Vashdeo R Bhojwani v. Abhyudaya Co-operative Bank Ltd. & Anr (Civil Appeal No. 11020 of 2018 decided on 02.09.2019). 6. It is further contended that the Petition suffers from various legal infirmities for non-compliance of mandatory provisions of law. It is accordingly prayed that the interim orders cannot be granted. During hearing of the matter, the Respondents submitted that none of them is trying to dispose or encumber the properties of the Respondent No. 1 Company as they have not done for over 14 years. 7. The maintainabi....