2022 (6) TMI 55

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....rtual Mode ) The present Appeal has been filed against an order dated 15.3.2022 passed by National Company Law Tribunal, Cuttack Bench, Cuttack. The Appellant has claimed to be promoter and shareholder of Rashi Steel and Power Limited. It has been stated that the Appellant and his group jointly owns 36.24% of the total paid up share capital of the Respondent No.1 company which has been reduced to 14.83% by the Respondent. Raising the dispute the Appellant filed a CP before the National Company Law Tribunal, Cuttack Bench, Cuttack which was numbered as CP No.126/CB/2021. In the Company Petition the Appellant sought for the following final relief which have been enumerated in para 14 of the Company Petition. It is quoted hereinbelow: ....

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....ty shares in the name of respondents mentioned above. Final Relief i) To declare and order that the affairs of Respondent No.1 have been carried by Respondents No.2-4 in a manner that is oppressive and that the affairs of Respondent No.1 also have been mismanaged in terms of Sections 241(1) (b) read with Section 242 of the Companies Act, 2016; and ii) To declare that the dilution of the shares of Petitioners is illegal and improper and to set aside the same; and iii) To declare the appointment of Sri Prem Chandra Jha and Sri Prakash Behera, Respondents No.3 and 4, as Additional Directors of Respondent No.1 on 22.06.2020 null and void. iv) To grant consequential relief declaring all the acts done by Res....