US-Based Investors Move NCLT Kolkata Against Manipal Hospitals Synergie Over 2007 Share Dilution

A group of US-based doctors and medical practitioners, who were among the seed investors in Medica Synergie Private Limited, have moved the National Company Law Tribunal (NCLT) Kolkata, alleging oppression and mismanagement. They claim their shareholding in the company, now known as Manipal Hospitals Synergie Private Limited, was diluted through several actions, mainly through the issue of sweat equity shares. The petition specifically challenges a resolution passed at an Extraordinary General...

Supreme Court Pleadings Cannot Decide Legal Status Of Nair Service Society: Kerala High Court

The Kerala High Court on 17 July dismissed a writ appeal filed by a member of the Nair Service Society (NSS) seeking action against the Society and its directors for alleged violations of the Companies Act, 2013. A Division Bench of Justices Raja Vijayaraghavan V and K.V. Jayakumar held that pleadings filed before the Supreme Court could not determine the Society's regulatory framework. The judges observed:“It can thus be held that the “court of record” attribute under Article 129 does not mean...

NCLT New Delhi Sanctions Fybros Moddular-Balar Marketing Merger, Holds Scheme Fair And Reasonable

The New Delhi National Company Law Tribunal (NCLT) on 15 July sanctioned the amalgamation scheme between Fybros Moddular Pvt. Ltd. and Balar Marketing Pvt. Ltd., holding that the merger was fair, reasonable and not prejudicial to the interests of shareholders or creditors. A Bench comprising Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi approved the scheme under the Companies Act, 2013, after considering the reports of statutory authorities and the companies'...

NCLAT Admits Appeal Against NCLT Mumbai Order Waiving Membership Requirement For IMPPA Members' Oppression Plea

The National Company Law Appellate Tribunal (NCLAT) has admitted an appeal filed by the Indian Motion Picture Producers Association (IMPPA) against a Mumbai NCLT order. The order had allowed members of the association to pursue an oppression and mismanagement petition after waiving the statutory membership requirement under Section 244 of the Companies Act.The matter was heard by a bench of Judicial Member Justice Sharad Kumar Sharma and Technical Members Arun Baroka and Indevar Pandey. The...

Madras High Court Quashes SFIO Case Against Deloitte Partner In Subhiksha Fraud Probe

The Madras High Court on Wednesday has quashed criminal proceedings initiated by the Serious Fraud Investigation Office (SFIO) against Deloitte Haskins & Sells partner and statutory auditor M.K. Ananthanarayanan over his audit of Subhiksha Trading Services Limited (STSL). The SFIO had accused him of failing to verify the retailer's sales, purchases and related-party transactions, and of not reporting its non-compliance with prescribed accounting standards. Justice Sunder Mohan held that,...

NCLT Ahmedabad Allows First Motion In ACC-Ambuja Cements Merger, Dispenses With Creditor Meetings

The Ahmedabad National Company Law Tribunal (NCLT) on 29 July allowed the first motion petition for the amalgamation of ACC Limited with Ambuja Cements Limited, permitting shareholder meetings while dispensing with meetings of creditors. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma allowed the applications and directed that meetings of equity shareholders of both companies be convened. The scheme proposes the merger of ACC Limited (Amalgamating Company)...

Delhi High Court Refuses Disclosure Of MCA Orders In SFIO Probe Into Anil Ambani Group Companies

The Delhi High Court has recently refused to direct the Ministry of Corporate Affairs (MCA) and the Serious Fraud Investigation Office (SFIO) to disclose orders directing an investigation into the affairs of Reliance Home Finance Limited, Reliance Communications Limited, and other Anil Ambani companies under Section 212 of the Companies Act, 2013. The court held that the Mandke Foundation had no enforceable right to seek disclosure of those orders or the material forming their basis while the...

Supreme Court Stays SFIO Proceedings Against Vivo India

The court also issued notice on Vivo India's plea challenging the Punjab & Haryana High Court ruling that denied a mandatory pre-cognizance hearing under the BNSS in an SFIO prosecution

NCLT Ahmedabad Allows First Motion Application For Amalgamation Of Five Renewable Energy Companies

The Ahmedabad National Company Law Tribunal (NCLT) on 2 July allowed the first motion application filed for the amalgamation of Sukavala Renewable Energy Private Limited, Pipartoda Renewable Energy Private Limited, Amreli Renewable Energy Private Limited and Raipar Renewable Energy Private Limited into Ratabhe Renewable Energy Private Limited. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr. VG Venkata Chalapathy passed the order on the application seeking directions...

Supreme Court Refuses To Interfere With Calcutta HC Order On IIBI's ₹221 Crore Preference Share Redemption

The Supreme Court on Monday dismissed special leave petitions filed by investor Persis A. Khambatta, refusing to interfere with the Calcutta High Court's judgment upholding a resolution of Industrial Investment Bank of India Ltd (IIBI), which is in voluntary liquidation. The resolution provides for redemption of ₹221.08 crore worth of redeemable cumulative preference shares at 20% of their principal paid-up capital in full and final settlement.A Bench of Justices Vikram Nath and Sandeep Mehta...

NCLT Ahmedabad Allows First Motion For Rubamin's Zinc And Copper Business Demerger

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has allowed the first motion application jointly filed by Rubamin Private Limited (Demerged Company) and Rubamin IGNISS Private Limited (Resulting Company) in connection with a scheme of arrangement to demerge the zinc and copper businesses from the former into the latter.A bench of Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy observed that there was no requirement to convene a meeting of the...

Time-Barred Claim Does Not Disqualify Creditor From Seeking Probe Into Company's Affairs: NCLT Chennai

The Chennai National Company Law Tribunal on 7 July held that a creditor's claim being barred by limitation does not take away its status as a creditor for filing a petition under Section 213 of the Companies Act, 2013, while clarifying that allegations of statutory violations, pending disputes or procedural defaults alone cannot justify an investigation into a company's affairs. A Bench of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam dismissed a petition filed by...