NCLT Kolkata partially allowed a shareholder oppression petition filed by Kishore and Sanjiv Kejriwal against Gold Silver Arts Pvt Ltd's majority directors.
The tribunal found the 2014 rights issue unfairly reduced petitioners' shareholding from 12.75% to 11.25% through manipulative allotment practices.
An administrator was appointed for three months to investigate affairs and manage the jewelry manufacturing company's operations.
The tribunal cancelled disputed share transfers from 2014 and declared the petitioners' rightful pre-rights issue shareholdings.