C.P. No. 37 of 2009 and T.P. No. 38/HDB/2016. Case: A. Sudhakar and Ors. Vs KATG Therapeutics Private Limited and Ors.. Company Law Board
| Case Number | C.P. No. 37 of 2009 and T.P. No. 38/HDB/2016 |
| Counsel | For Appellant: H. Karthik Seshadri, N.P. Vijay Kumar and Anil Mukerjee, Advs. and For Respondents: B.P. Mohan, Adv. |
| Judges | Rajeswara Rao Vittanala, Member (J) and Ravikumar Duraisamy, Member (T) |
| Issue | Company Law |
| Judgement Date | January 25, 2017 |
| Court | Company Law Board |
Order:
Rajeswara Rao Vittanala, Member (J), (Hyderabad Bench)
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The Company Petition bearing No. 37 of 2009 (herein after referred as Company Petition) was filed before the then Hon'ble Company Law Board, Chennai Bench, Chennai (CLB) by Mr. A. Sudhakar Reddy and 2 others on 08.06.2009, under Section 397, 398 r/w. 402 Schedule XI, Section 111 and other applicable provisions of the Companies Act, 1956.
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The Company Petition was taken up by the then CLB from time to time and adjourned the matter on several occasions in order to give opportunity to the parties to settle the issues among themselves. However, the case was neither settled nor disposed of by CLB. On the constitution of NCLT Bench at Hyderabad for the States of Andhra Pradesh and Telangana, the case was transferred to this Bench in July, 2016. Accordingly, the case was taken on the records of NCLT, Hyderabad Bench to decide the case. The case was posted before this Bench from time to time i.e. on 22.07.2016; 03.08.2016; 09.09.2016; 15.09.2016; 20.09.2016; 29.09.2016; 07.10.2016; 18.10.2016; 28.10.2016; 25.11.2016; 07.12.2016; 08.12.2016; 09.01.2017; 18.01.2017 and finally on 25.01.2017.
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The CLB passed an interim order dated 22.06.2010 by directing the respondents to restrain from executing any deed of sale or other documents in respect of the property located at Roorkee in Uttarakhand State and thus sale deed for the said property was not executed since the case is pending before the CLB/NCLT till date.
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The Company Petition has been filed by inter alia seeking;
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to set aside, cancel all the alleged allotment of shares and the Form filed showing the allotment of shares to the First Petitioner, Second and Third Respondents on 25.08.2006 or any other date and to restore status quo as of 24.08.2006;
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to Supersede the Board of Directors and permit the majority shareholders viz., the Petitioners herein to decide on the composition of the Board of Directors of the Company;
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to direct the Sixth and Seventh Respondents to provide the details of all the banking transactions carried out by the second and third Respondents in the name of the First Respondent Company, KATG Therapeutics and the Fifth Respondent;
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To appoint an auditor to carry out an investigation into the affairs of the Company and based on the same, surcharge the Second and/or Third Respondent for any diversion/misapplication of the Corporation funds belonging to the Company, failing which to make Second and/or Third Respondents personally liable for the loss caused to the Company;
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To pass an order of permanent injunction restraining the Company from selling, distributing the pharmaceutical products of the Company through the Fifth Respondent or any other person, entity or otherwise, except through the normal...
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