2021 (11) TMI 799

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....ent manner to the detriment of petitioner and minority shareholders; and against conducting of affairs against the interest of shareholders, and praying for appointment of an administrator, to direct respondent No. 1 not to increase its authorised share capital or allot any fresh shares to any one, to convene Extraordinary General Meeting, to direct conducting of accounts and other affairs of respondent No. 1, to restrain respondents No. 11 to 67 from alienating or encumbering the land illegally sold to them by respondents No. 2 to 5, and to restrain respondents No. 11 to 67 from dealing with or disposing of, encumbering or alienating and/or transferring the assets and properties of the company. 2. This application is filed by applicant/....

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....elessly barred. (ii) The petitioner has suppressed several material facts and approached this Hon'ble tribunal with unclean hands. (iii) The Petitioner is not holding requisite shareholding prescribed under Section 244 of the Companies Act, 2013. (iv) The Petitioner colluded with Respondents 2 to 10 and filed the present petition with a mala fide intention of harassing the bona fide and genuine purchasers. (v) The rights and interests of answering respondents are protected by the "Doctrine of Indoor Management" and hence, the present petition is not maintainable. (vi) The Present Petition is filed seeking cancellation of the Sale deeds executed by Respondent No. 1/Company in favour of answeri....

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.... respondents. 6. Respondents No. 30, 34 and 49 have also filed Written Submissions dated 05.10.2021, inter alia, contending that, (i) The applicant has not filed Balance Sheet to substantiate his contention that sale proceeds have not been deposited in the account of respondent No. 1. (ii) No material produced to substantiate acts of mismanagement. (iii) The MCA Website shows status of the company "non-compliant" and present filing status as "inactive". The company is not carrying out any business since 2011. Any interim order would cause hardship to the respondents who have transacted with respondent No. 1/company around two decades ago. 7. We have heard the learned counsel for the applicant and the learned....