Authority: National Company Law Tribunal, Bengaluru Bench (Shri. Sunil Kumar Aggarwal, Member (Judicial) and Shri. Radhakrishna Sreepada, Member (Technical))
Order Date: 09.06.2026
Case Overview
The matter involves a petition filed by Hitendra Venkaramana Pulaganti against Bluewave Fresh & Sustainable Foods Pvt Ltd & Others under Sections 241-242 of the Companies Act, 2013, which pertain to oppression and mismanagement in company affairs. The tribunal heard representations from Shri Shivaramkrishnan for the petitioner and Shri Abhijit Atur and Ms. Siva Tejaswini for Respondents 2 & 3.
The NCLT issued specific directives requiring both parties to file detailed documentation. The respondents are directed to submit valuation reports for two critical periods: (a) when loans were converted to equity, and (b) when the Investment Agreement was entered into. Additionally, the petitioner is directed to file details of amounts collected on behalf of the respondent company that remain to be remitted to the company's account as of the petition filing date.
Final Outcome
The case has been adjourned and listed for next hearing on 08.07.2026. The interim order previously issued in the matter has been extended until the next date of hearing, maintaining the status quo until further proceedings.
Topics: Corporate Governance, NCLT Proceedings