2026 (1) TMI 1092

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....v Chopra, Sr. Advocate with Mr. Swapnil Gupta, Mr. Ujjal Banerjee, Mr. Anmol Sehgal, Mr. Sajal Jain, Advocates for R-3 & 4. ORDER This appeal is against an impugned order dated 24.12.2025 passed by Ld. NCLT, Chandigarh Bench (Court-II) in Comp. Appl/262 (CH)2025, Comp. Appl/263 (CH)2025 in CP No. 2/Chd/Hry/2025. The prayers made in these applications are as under: "Prayer in COMP.APPL/262 (CH)2025:- (a) To appoint Chairperson/Observer for overseeing the AGM and ensuring that the voting of the trust takes place in accordance with paragraphs No. 19 -21 of the instant application; (b) Restrain Respondent No. 1 Company from interfering with the exercise the voting rights of Brij Mohan Khanna in relation to the s....

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.... of hearings in the main company petition, we find it appropriate to issue following directions: - (a) The AGM, which is proposed to be conducted on 27.12.2025, may be conducted on that date; however, the same shall be held under the supervision of Hon'ble Justice Ranjit Singh. We accordingly appoint Hon'ble Ranjit Singh [Mobile No.9899791094, email ID: [email protected]] to be the observer and request him to oversee the proceedings in the AGM. The Respondent Company Khanna Paper Mills Ltd through its Directors, shall intimate Hon'ble Justice Ranjit Singh about his appointment as an observer and request him for his presence during the meeting and would provide him the due Protocol and facilities for conveyance and stay a....

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....na shall be entitled to participate in the AGM and vote in accordance with his entire shareholding of 89,72,299 shares. With these directions, both these Applications bearing COMP.APPL/262 (CH)2025 & COMP.APPL/263 (CH)2025 stands disposed of." 4. It is the submission of Ld. Sr. Counsel for the Appellant there were four items of Agendas, settled in the Board's meeting dated 05.12.2025 and without there being any prayer to put a stay on these Agendas, vide the impugned order, the Ld. NCLT had allowed only Agenda No. 1 qua holding of the AGM on the adoption of the financial statements but whereas agendas No. 2, 3, 4 were deferred, without any prayers made in these two applications. 5. We are not inclined to accept the submission....