NCLAT : In Photon Infotech Pvt. Ltd. & Ors. vs. Medici Holdings Ltd. & Ors.

The substratum of the Company which was the business itself has been transferred, it is an exceptional circumstance and waiver as sought under Section 244 should be granted.

When any member of the company complaints of ‘Oppression and Mismanagement’ in the company, in view of the Companies Act, the issue has to be decided by NCLT. Thus only because the Respondent no. 1 filed suit in the High Court would not be a Bar to present application as the question of Oppression and Mismanagement has to be decided by NCLT.

Link : https://nclat.nic.in/Useradmin/upload/9869821035b696d4e240a9.pdf