# In the matter of Sargam Builders Pvt. Ltd. CA-08- KOB-2021 In TCP-07-KOB-2019

> NCLT judgment dated 2021-06-11. Citation: TCN-2021-NCLT-01977. The case involves an application (CA/08/KOB/2021) filed by the petitioner in TCP/07/KOB/2019…

- **Court:** NCLT
- **Order date:** 11 Jun 2021
- **Citation:** TCN-2021-NCLT-01977
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sargam-builders-pvt-ltd-ca-08-kob-2021-in-tcp-07-kob-2019-634841c4

## Summary

### Background

The case involves an application (CA/08/KOB/2021) filed by the petitioner in TCP/07/KOB/2019 seeking amendment of the Company Petition. The petitioner alleges oppression of minority shareholders and mismanagement by the respondent company, particularly concerning the conduct of Annual General Meetings (AGMs) and related financial matters. The petitioner claims that subsequent events after the filing of the original Company Petition, including irregularities in convening AGMs and non-circulation of financial statements, further demonstrate oppression and mismanagement. The respondents argue that the matters transpired till the date of filing of the original Company Petition should be considered and the petitioner attended the meetings and voted against the resolutions

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## Facts

Haris P.M., the petitioner, filed an application seeking amendment of the Company Petition TCP/07/KOB/2019. The petitioner alleges oppression of minority shareholders and mismanagement by the respondent company, Mark and Orion Ventures (P) Limited, and its directors/related parties. The petitioner received an email on 05.12.2020 regarding the conduct of AGMs for the years ended 31.03.2016 to 31.03.2019. These notices were challenged in IA/212/KOB/2020, which was disposed of on 10.12.2020 with directions to keep the decisions/resolutions taken in the AGMs in abeyance. The petitioner claims that the 11th AGM was conducted on 11.12.2020, while other AGMs were adjourned. The petitioner objected to the lack of notice and non-circulation of financial statements in the 15th

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## Issues and analysis

### Issue 1: Whether the Tribunal should allow the amendment of the Company Petition based on subsequent events …

**Ratio:** The Tribunal relied on the principle that subsequent events can be considered to mould

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**Reasoning:** The Tribunal reasoned that the main petition's success is a prerequisite for considering

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**Interpretation:** This means that the court will only consider events that occurred after the

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**Application:** Since the main petition's maintainability was yet to be determined, the

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## Parties

- **Judges:** Ashok Kumar…
- **Appellants:** Haris…
- **Respondents:** M/s Mark and…

## Timeline

- **2020-12-05 — Email Received…**: Petitioner received an email from Respondent No.2 regarding the conduct of AGMs for the…
- **2020-11-30 — Notice Issued…**: Respondent Company issued notice to conduct the 11th, 12th, 13th, and 14th Annual General…

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