Insolvency) No. 137 of 2017
4
provided certain matters as 'affirmative vote matters' is inter alia to put
restrictions on the powers ... purported decision to file the
application is squarely covered by affirmative vote matters for which, as
per Article 9.1 , prior written consent of the Appellants
about the decision, initiate CIRP against the Corporate
Debtor (ii) no affirmative vote of the nominee, director of the NSL was taken
prior to/during ... passing the board resolution dated 30.03.2017, the necessity of
obtaining the affirmative vote of the nominee director of the Nizam Sugars
Ltd (NSL). The fraud
Under the Article of Association, the
Appellant has various affirmative voting rights in relation to the affairs of
the Corporate Debtor. Without affirmative vote rights ... Insolvency) No.142 of 2024
-7-
26.05.2016 was without any affirmative vote of Nominee Director of the
Appellant in the Board. There being no affirmative
shall carry a serial
number.
If any special majority or the affirmative vote
of any particular Director or Directors is
specified in the Articles ... passed only with the assent of such special
majority or such affirmative vote.
An Interested Director shall not be entitled to vote.
For this purpose
development of the Project. Further, it is submitted that the affirmative vote
items include several matters about the underlying conduct of business itself,
such ... deemed a related
party.
9. The Appellant submits that the affirmative vote items demonstrate
substantial control over the technical matters, including the very choice
mention that action on
important matters should be taken only by affirmative
vote 3(three) or more directors, but there must be included ... Association' of the 'Corporate Debtor' provides
for an affirmative voting right to protect its investment and envisages no
control to the Appellant
Schedule-II thereof provides for a list of matters which
requires affirmative vote of 'AM Netherlands'.
66. A letter of offer ... Board of 'KSS Global BV' and had affirmative
voting rights on decisions regarding various matters at the Board and
shareholder level in respect
Association (Article 1.1.3; 9.1 and 9.2) specifically provided for an
'affirmative vote' which by any meeting of the shareholders for liquidation ... authorised to
move an application for 'Liquidation' without 'affirmative vote' of the
shareholders.
9. In the present case under Article
rights in the
management and
affairs of the
Corporate Debtor
including
affirmative voting
rights as stipulated
under Clause 12 of
the said SSHA.
Hence ... major business
related decisions of
the CD were subject
to affirmative vote of
the Respondent No.3
and therefore the
CD was operating
Annexure 'A' of the MOU shall require the
affirmative vote of the NEC nominee directors in
the board meeting(s) of ADPL ... shall require the
affirmative vote of the NEC representatives in the
shareholder's meeting(s) of ADPL as the case
