Tribunal Confirms Improper Share Transfers, Non-Compliance with Orders on Register Rectification and Share Allotments.

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....Oppression and mismanagement - reduction in shareholding - illegal transfer and allotment of shares - The NCLAT observed that, the appellants did not fully comply with the NCLAT’s order dated 16.04.2019, specifically regarding the rectification of the register of members to reflect the shareholding status as of 19.05.2010. The fresh transfer of shares on 28.11.2017 was invalidated, as it was an attempt to circumvent the Tribunal’s previous orders. The appellants were found to have engaged in acts of oppression and mismanagement, justifying the respondents’ claims. The appellants did not properly offer proportionate shares from additional allotments to the respondents, violating the Tribunal’s directives. - The Appellate Tribunal (NCLAT) upheld the NCLT’s findings that the appellants engaged in improper share transfers and failed to comply with the Tribunal’s orders.....