Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 09 June 2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical) heard Petition No. TCP/197/2016. The petition was filed under Sections 397/398 of the Companies Act, 2013 by East India Investment Holding Pvt Ltd & Others against Mamallapuram Development Pvt Ltd & 8 Others, indicating allegations of oppression and mismanagement.
During the hearing held on 09 June 2026, learned counsel for the petitioners, Mr. S. Aravindan, informed the tribunal that the settlement offer presented by the respondents was not acceptable to the petitioners. The petitioners also explicitly stated they were not interested in pursuing mediation and requested that the matter be decided on its merits. The tribunal noted that part arguments had already been advanced in the case.
Final Outcome
The NCLT bench directed both parties to file written synopsis of their arguments. The petition has been adjourned and listed for further arguments on 29 July 2026. The matter remains pending before the tribunal for a final decision on merits.
Topics: Corporate dispute, NCLT proceeding, Settlement rejection