Authority: National Company Law Tribunal, Chandigarh Bench (Court – II)

Order Date: 16 July 2026

Case Overview

The present Company Application (COMP.APPL/111(CH)2026) was filed by Sunder Lal Aggarwal, the petitioner in the main matter CP No.1/Chd/J&K/2023, which is a petition filed under Sections 241-242 & 244 of the Companies Act, 2013, pertaining to oppression and mismanagement. The application sought specific directions regarding an Extraordinary General Meeting (EGM) of J&K Integrated Textile Park Ltd. (the Respondent) scheduled for 20 July 2026.

The petitioner, representing himself and his family members, claims to hold a 42% equity shareholding in the respondent company. The application alleged that the EGM was requisitioned by Respondents No. 2 & 5 (other shareholders/directors not fully named in the order) and that preference shareholders were also invited to participate. A key contention was that the requisitioning parties, who collectively hold 58% of the equity shares, had not complied with the requisite percentage required for validly requisitioning a meeting that includes both equity and preference shareholders.

The petitioner sought an interim order to restrain Respondents No. 2 to 5 from holding the proposed EGM on 20th July 2026 until the final disposal of the main company petition.

Final Outcome

The bench, comprising Member (Judicial) Shri K. Biswal and Member (Technical) Shri K.K Singh, heard arguments from both sides. After considering the submissions, the tribunal declined to grant the interim relief sought by the petitioner to restrain the EGM. However, it issued a significant qualification: it clarified that if the EGM is not convened and conducted in strict accordance with the provisions of the Companies Act, 2013, then any decision taken at that meeting would be subject to the final orders passed in both this application and the main company petition (CP No.1/Chd/J&K/2023).

The tribunal also admitted the application, directed the respondent company to file its reply within two weeks of receiving the notice, and allowed the petitioner one week thereafter to file a rejoinder. The matter was adjourned and listed for the next hearing on 13 August 2026.

Topics: Shareholder Dispute, Corporate Governance, NCLT Proceedings