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SECTION 241 OF THE COMPANIES ACT, 2013 – OPPRESSION AND MISMANAGEMENT

April 16, 2024

Where land parcels of company were not clear and marketable (mortgaged to SBI) and admittedly properties which were not clear and marketable would fetch a lower than market value, and also, company was in urgent need of funds at that point of time, thus, there was no act of oppression and mismanagement by respondent directors of company for selling land parcels at a price lower than market price, and therefore, instant petition alleging oppression and mismanagement by respondents being devoid of any substance was to be dismissed – Arun Kumar Kedia v. Om Shiv Shakti Iron Industries (P.) Ltd. – [2024] 161 taxmann.com 461 (NCLT – Hyd.)

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