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Transfer of shareholding without holding valid meeting is an act of oppression: NCLT

August 10, 2018[2018] 96 36 (NCL-AT)/[2018] 208 COMP CASE 721 (NCL-AT)

CL: Petitioner having been removed as director of respondent company without holding of valid EOGM and entire shareholdings of respondents as well as fixed assets of companies having being transferred to 3rd parties even before completion of pleadings in NCLT, without knowledge of petitioner, were serious act of oppression, hence, findings of NCLT upholding removal of petitioner as director were to be set aside and shareholdings in both companies were to be restored to stage of filing petitions

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