2026 (1) TMI 218

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.... Mr. Ashok B. Shenoy, Advocate, Mr. Arjun R. Naik, Advocate For the Respondents : Ms. Gopika Nambiar, Advocate For Mr. Sharath Chandran, Advocate for R1 Mr. Vinay Mathew, Advocate For Mr. Philip Mathew, Advocate for R2 JUDGMENT [Per: Justice Sharad Kumar Sharma, Member (Judicial) The Appellants in the instant Company Appeal challenge the Impugned Order dated 21.12.2021, as rendered in CA/44(KOB)/2019. As a consequence of the impugned order which was decided under proceedings held under section 59 of the Companies Act, the Learned Adjudication Authority had come to the conclusion that the induction of Respondent No.2 to 20 in the said Company Petition as new members of the Company by the Board of Directors of the Company, w....

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.... Act, and hence it deserved to be rejected at its threshold. 3. In support of his contention, the learned counsel for the respondent has submitted that the following dates would be relevant for consideration, the aspect of limitation to make the appeal sustainable before this Appellate Tribunal under section 421. i. The petition was decided by the order of 21.12.2021. ii. The appeal was filed on 31.05.2022 iii. It is not correct to say that as per the order of Hon'ble Apex Court in MA No. 665/2021 in Suo Moto WP(C) No.3/2020, the period of limitation got extended upto 31.05.2022. iv. The filing of the Appeal on 31.05.2022 is not within the period of limitation as provided under Section 421(3) of the Co....

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....m the date on which a copy of the order the Tribunal is made available to the person aggrieved, which in the instant case would be 23.12.2021. The proviso to Section 421(3) states that the Appellate Tribunal can extend the said period further by a maximum of 45 days on production of sufficient cause. Thus, the limitation period as per Companies Act expired on 23.03.2022. The limitation period of 90 days from 01.03.2022 as provided by the order of the Hon'ble Apex Court MA No. 21/2022 in MA No. 665/2021 in WP(C) No.3/2022 expired on 29.05.2022. Since the said date was a Sunday, the next working day would be taken for the purposes of determining the limitation which would be 30.05.2022. Therefore, limitation period for filing the Appeal e....