Supreme Court - Daily Orders
Chalasani Udaya Shankar vs M/S Lexus Technologies Pvt. Ltd on 1 September, 2023
Author: Pankaj Mithal
Bench: Pankaj Mithal
CA Diary No. 24030/2023
ITEM NO.9 COURT NO.3 SECTION XVII
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
CIVIL APPEAL Diary No. 24030/2023
(Arising out of impugned final judgment and order dated 10-04-2023
in CA(AT)(CH) No. 44/2021 10-04-2023 in IA No. 548/2021 passed by
the National Company Law Appellate Tribunal, Chennai)
CHALASANI UDAYA SHANKAR & ORS. Petitioner(s)
VERSUS
M/S LEXUS TECHNOLOGIES PVT. LTD & ORS. Respondent(s)
(IA No.167795/2023-EXEMPTION FROM FILING C/C OF THE IMPUGNED
JUDGMENT and IA No.167796/2023-CONDONATION OF DELAY IN REFILING /
CURING THE DEFECTS and IA No.168458/2023-PERMISSION TO FILE
ADDITIONAL DOCUMENTS/FACTS/ANNEXURES)
Date : 01-09-2023 This petition was called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE SANJIV KHANNA
HON'BLE MR. JUSTICE PANKAJ MITHAL
For Petitioner(s)
Mr. Dhruv Mehta, Sr. Adv.
Mr. Amit K. Nain, AOR
Mr. PBA Srinivasan, Adv.
Mr. Shyam Agarwal, Adv.
Mr. V. Aravind, Adv.
Ms. Srishti Bansal, Adv.
Mr. Sumit Swami, Adv.
Ms. Pooja Kumari, Adv.
For Respondent(s)
UPON hearing the counsel the Court made the following
O R D E R
Delay condoned, subject to all just exceptions. It is stated on behalf of the appellants that Form No. SH.4 Signature Not Verified and the Board Resolution approved the transfer of shares. Digitally signed by Deepak Guglani Date: 2023.09.01 17:42:09 IST Reason:
The findings of the appellate Tribunal that the petition alleging oppression and mismanagement is barred by limitation, it CA Diary No. 24030/2023 is submitted, is legally unsustainable, as the transfer of shares will not itself constitute oppression and mismanagement. The conduct of the respondents thereafter, whereby the respondents had denied that the appellants were registered holders of the shares, constitutes oppression and mismanagement.
However, there are certain questions which the appellants must answer, namely:-
1. Why after acquiring the shares, the appellants did not come on the Board of Directors?
2. Why the appellants did not attend or call upon the Directors to hold the Annual General Meeting(s)?
3. Why the appellants did not take steps as the annual accounts were not audited and submitted to them and with the Registrar of Companies.
The appellants will file an affidavit dealing with the aforesaid aspects within six weeks from today.
Nevertheless, to examine the issue, let notice be issued returnable in the month of January 2024.
Notice will be served by all modes, including dasti.
(DEEPAK GUGLANI) (R.S. NARAYANAN) AR-cum-PS ASSISTANT REGISTRAR