2017-TIOLCORP-06-NCLT

Daya Kishan Goel Vs Dinesh International Ltd

Whether the petitioners group suffered unfairly at the hands of the respondents on account of non compliances of statutory requirements, as outcome of such non compliance turned prejudicial to the interests of the petitioners - YES: NCLT

Whether non service of notice of the Board Meeting and proposed Agenda/explanatory statement of the EGM would amount to oppression of shareholder particularly when at the said EGM a proposal resulting in decrease in their shareholding is to be passed - YES: NCLT

Whether non service of a written notice of such Board Meeting would amount to violation of Section 286 of Companies Act - YES: NCLT

Whether removal of a party holding 40% equity in a company, as authorized signatory from bank accounts of such company, unilaterally by the majority shareholders and without due notice can be deemed to be oppressive in nature - YES: NCLT

Case allowed: NCLT

2017-TIOLCORP-11-SAT

Neesa Technologies Ltd Vs SEBI

Whether SEBI can exercise its jurisdiction over those public companies who have issued shares or debentures to fifty or more persons, but not complied with the provisions Companies Act and ILDS Regulations - YES: SAT

Whether an issue of securities to 50 or more persons would be a public issue requiring compliance of the provisions of Section 56 of Companies Act and ILDS Regulations - YES: SAT

Whether issue of NCDs to a total of 341 persons in multiple tranches where no tranche exceeds 49 people at a time can be held as Private Placement - NO: SAT

Appeal dismissed: SECURITIES APPELLATE TRIBUNAL

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