Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 15 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard petition CP/555/2019 filed under Sections 241-242 of the Companies Act, 2013, which pertain to oppression and mismanagement. The petitioners are Usha Rajaram and five others, while the sole respondent is Diamond Shipping Agencies Pvt Ltd. The hearing was conducted through video conferencing before a bench comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical).
During the proceedings, the petitioners and Respondent No. 4 expressed interest in settling the matter. However, counsel for Respondent No. 2 stated that Respondent No. 2 (who is the mother of Petitioner No. 1, Usha Rajaram) was not ready for settlement. The tribunal noted that ongoing family disputes, including issues regarding execution of a will and family settlement, are continuing alongside this corporate petition.
Final Outcome
The NCLT granted two weeks' time to Respondents R1, R2, R3, and R5 to file their reply to the amended petition. The tribunal directed that any rejoinder should also be filed subsequently, with pleadings to be completed before the next hearing date. The bench specifically directed Respondent No. 2 to appear through video conferencing and Respondent No. 5 to appear in person at the next hearing. The matter has been adjourned and listed for further hearing on 22 July 2026.
Topics: Shareholder Dispute, Oppression and Mismanagement, Family Settlement