TaxTMI 
TaxTMI 
2022 (11) TMI 509
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....de by the applicant in his application and presented/argued by the learned advocate are summarized hereunder: (i) The applicants have filed an application under section 241-242 read with section 213 of the Companies Act, 2013 alleging oppression and mismanagement in respondent No. 1 company. (ii) Till date of the filing of the present application, no meetings of the Board of Directors or that of the shareholders of the company have been properly convened or held or informed about to the applicants, who are the majority shareholders in the company. (iii) Respondents No. 2 to 5 have heavily doctored the financial statements of respondent No. 1 company. Thereby, respondents No. 2 to 5 are mismanaging the affairs of r....
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....till willing to support credit financing. (ix) Issue of shares of face value at Rs. 100/- each being issued at Rs. 900/- premium is proposed as per valuation report and the valuation of shares as per valuation report dated 13.05.2022 is based on 'discounted cash flow method'. The fair valuation of shares after taking into consideration relevant laws and all debt and assets would be at Rs. 2,392/- share. Therefore, by issuing shares on effective discount the respondents are under-mining the underlying value of the respondent No. 1 company. (x) Both the directors of the company are related parties within the Act, i.e., husband and wife (respondents No. 2 and 3) therefore, to approve any resolution under section 62 of....
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.... post of directorship due to some personal reasons. (iii) At several occasions respondents No. 2 & 3 have made infusions in the company as and when the need has arisen. The same is appearing in the financial statements of the company. (iv) The demand for repayment by certain creditors need for infusing working capital and capex within the company for its growth, respondents No. 2 to 4 along with the petitioners had multiple discussions and interactions and thereafter decided to infuse certain amounts by way of the rights issue within the company. (v) the respondents with regards to the infusion of funds, after round of discussions the petitioners and respondents jointly decided to raise the same through rights iss....
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.... letter dated 18.05.2022 for transmission of shares to the respondent first time after the sad demise of the late Mrs. Juhi Shukla. (ix) In spite of ample time and information been provided to the petitioners, they chose neither to subscribe nor to renounce the shares. 4. In view of the above-made submissions, the following reliefs are sought by the applicants: (i) The operation of impugned notice dated 25.05.2022 for further issue of capital under section 62 of the Companies Act, 2013 maliciously issued by respondent No. 2 on behalf of respondent No. 1 company, for being prejudicial to the interest of respondent No. 1 company be stayed till the final disposal of the main application i.e., CP/35/MP/2022. (ii) R....