Bikki Raveendra Babu, Member - (1.) The petitioner by himself is holding 22.79% shareholding in the first respondent company, filed this petition under Section 241 of the Companies Act, 2013 claiming for the following relief's:- (A) To value the assets including tangible and intangible and direct either the parties i.e. petitioner or respondents No. 2 and 3 to either buy or sell their equity shares to salvage the company to put an end to the acts of oppression and mismanagement OR (AA) To order for split of or demerging of the first respondent company through appointment of independent reputed valuer concerns and/or splitting of the shares and handing over the management pertaining to business of press with name "Gujarat Samachar" to either the petitioner or respondent Nos. 2 and 3 and residual business and with the tangible properties as part of the arrangement to bring an end to the acts of oppression and mismanagement. (B) To direct respondent No. 6 from restoring the funds, assets of the first respondent company as clandestinely used and direct to make payment of the advertisement as got published since its inception to the company with the running interest amount at the rate of 18% per annum till payment is made to the first respondent company.
(2.) Following are the interim relief's prayed in the petition:- (1) to allow the petitioner to sign cheques of salary on behalf of the company in order to ensure compliance of statutory and contractual liabilities and such day to day expenses to be met for the smooth working of the company business. (2) to restrain respondent No. 3 from representing himself as the Editor and permit the petitioner to act as the Editor in the overall interest of the first respondent company. (3) to permit the petitioner to induct Directors on the Board of the first respondent company and permit the petitioner to act as the Chairman to convene and hold the meetings of the Board of Directors and Annual General Meeting. (4) to direct respondent No. 6 to deposit Rs. 1.00 crore to the first respondent company for the advertisement as published in the Gujarat Samachar newspapers and restrain respondent No. 6 from representing as a part of daily "Gujarat Samachar". (5) pending disposal of the petition to appoint fresh statutory auditor, internal auditor and Company Secretary for statutory compliances.
(3.) In this petition, both the parties took several months' time on the ground of settlement. Ultimately, respondents No. 2, 3 and 6 filed reply in the petition and respondent No. 3 filed reply in IA 275 OF 2017.;