Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 15 July 2026
Case Overview
The proceeding involves Petition No. TCP/70/2016 filed by M.S.D Chandrasekar Raja against M/s Jayabharath Textiles Pvt Ltd & Anr. The petition was filed under Sections 397 and 398 of the Companies Act, 1956, which pertain to oppression and mismanagement in the affairs of a company. During the hearing held on 15 July 2026 through video conference, learned counsels for both parties (Ms. Shubangi for the petitioner and Mr. Girish for the respondent) submitted that the parties have arrived at a settlement. They indicated that a settlement memorandum would be filed shortly.
Final Outcome
The bench, comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical), adjourned the matter. The petition is listed next for 05 August 2026 specifically for the purpose of reporting the settlement, if filed.
Topics: Shareholder Dispute, Corporate Settlement, NCLT Proceeding