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M/S. Therm Flow Engineers Private ... vs Mr. Bhavesh Narumalani & Anr on 22 December, 2017 cites

Anup Kumar Agarwal & Anr vs Crystal Thermotech Ltd. & Others on 24 January, 2017

In Anup Kumar Aggarwal Vs. Crystal Thermotech Ltd. & Ors. [Company Appeal(AT) No. 17 of 2016], this Appellate Tribunal considered the crucial date when an applicant is required to satisfy the requirements under Section 399 of the Companies Act, 2013 so as to make the requirement of having an aggregate of 1/ 10th of share out of the total shareholding of the company, if the appellant alleges oppression in bringing down his shareholding. In the said case, this Appellate Tribunal noticed the Hon'ble Supreme Court's decision in "Bhagwati Developers Private Limited" and "Rajahmundry Electric Supply Corporation Ltd.," wherein the Apex Court held that the requirement of 1/ 10th of holding of the total share is to be examined in the light of whether such a number is maintained on the actual date of presentation of the company petition in the court (emphasis added). This Court while discussing the decision of Hon'ble Supreme Court in "Bhagwati Developers Private Limited" and "Rajahmundry Electric Supply Corporation Ltd." held that the said principle, which was made Company Appeals (AT) Nos. 159 & 198 of 2017 11 applicable in the case of winding up, will not be applicable where applicant alleges oppression and mismanagement in bringing down the shareholding below 1/ 10th of the total share of the company. This Appellate Tribunal further observed that if the principles laid down by Supreme Court in "Bhagwati Developers Private Limited" and "Rajahmundry Electric Supply Corporation Ltd.," which related to cases of winding up, is made applicable in the case of alleged 'oppression and mismanagement' in bringing down the minimum requirement of shareholding, then the applicant (s) will be remediless. This Appellate Tribunal thereby held that the crucial date for determination of requirements under Section 399 will be the date the alleged date of oppression and mismanagement in bringing down the shareholding below 1/ 10th of the total shareholding of the company took place.
National Company Law Appellate Tribunal Cites 0 - Cited by 5 - Full Document
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