P OBULA REDDY AND ORS Vs. RAYEN STEELS PRIVATE LIMITED AND ORS
LAWS(NCLT)-2016-12-15
NATIONAL COMPANY LAW TRIBUNAL
Decided on December 20,2016

P OBULA REDDY AND ORS Appellant
VERSUS
RAYEN STEELS PRIVATE LIMITED AND ORS Respondents

JUDGEMENT

- (1.) This Application is filed on behalf of petitioners under Rule 82 of the NCLT Rule 2016 with a prayer to grant leave to the petitioners to withdraw the main petition bearing No. C.P. 04/2016 filed under section 241, 242, 213(a) and 213(b) of the Companies Act, 2013.
(2.) The averments in the Application are briefly described hereunder:-- "The Applicants filed Company Petition against Respondents for oppression and mismanagement. Applicants also filed Interlocutory Application No. 11/2-16 seeking interim injunction against the Respondents from conducting 11th Annual General Meeting to be held on 30th September 2016. However, the Applicants could not move the Application prior to 30th September 2016 for want of service of notice, but Annual General Meeting was held on 30th September 2016. Applicants save the 4th Applicant were present and demanded poll in respect of all the items of the Agenda but the Respondents conducted poll only on the items No. 6 & 8 of the Agenda and they went ahead with the subjects of the Agenda by show of hands. The resolution passed in respect of items 1 to 5 and 7 thus become null and void. The applicants thereafter issue a letter to all the Respondents."
(3.) It is therefore necessary for the Applicants to amend the main petition by deleting and inserting certain paragraphs and modifying certain reliefs post facto holding the Annual General Meeting and then file a fresh amended petition. Therefore, it would be appropriate to withdraw main company petition and file a fresh petition by including the subsequent developments which took place in the Annual General Meeting. For this purpose the Applicants seek, leave of the Tribunal for withdrawing the Company Petition No. 04/2016.;


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