Rajeswara Rao Vittanala, Member - (1.) The Company Petition bearing CP.No.236/241/HDB/2017 is filed by Vajrapu Anuram t another (Peitioners) , on 18.10.2017 on oppression and mismanagement of the Respondents, under Section 241 8t 242 of the Companies Act, 2013, by seeking the following reliefs: a) Issue of Interim Order to stall the Extraordinary General Body Meeting proposed to be held on 04.11.2017 which is oppressive to the interests of the minority shareholders of the Company. The proposed meeting is with a mala fide intention and to cheat the innocent minority shareholders; b) To verify thoroughly the business operations and accounting transactions by an external professionals, since the MD is transferring funds of the Company to his sister concern, Sri Santoshima Para Boiled Modern Rice Mill without any valid reason. There are several transactions involving siphoning of funds to the related party transactions which are to be investigated; to remove the Managing Director '..and his family members from their positions and a new Board of Directors may be appointed providing the chance of Managing Director and Director of the
(2.) The case came up for hearing on 27.10.2017. Heard Sri Y. Suryanarayana, learned counsel for the Respondents and Sri. V.Satyanarayana, Chartered Accountant, represented on behalf of the Petitioners. The Chartered Accountant submits that the Company Petition is not filed in proper format and permit the Petitioners to withdraw and file a fresh petition duly complying all the extant rules of NCLT.
(3.) Sri. Y.Suryanarayana representing all the Respondents states that he has no objection for withdrawal of the Petition by the Petitioners.;