Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 10 July 2026
Case Overview
The matter involves a company petition (CP/21(AHM)2024) filed under Sections 241, 242 read with 213 of the Companies Act, 2013 by applicants Kailash Ramkishan Gupta & Another against respondents Indian Commodity Exchange Limited & Others. During submissions, the respondents' counsel stated that Respondent Nos. 2 to 4, who were the Directors and CEO/CFO of Respondent No. 1 (Indian Commodity Exchange Limited) at the relevant time, have resigned and are no longer associated with the company. It was further submitted that the management of the company has since changed.
Final Outcome
The Tribunal directed the respondents to file an affidavit affirming the facts regarding the resignation of Respondent Nos. 2 to 4 and their disassociation from the company. The affidavit must also place on record the present status of these respondents. Upon filing this affidavit, the Tribunal will consider whether the reliefs sought in prayers (b), (c), and (e) have become infructuous. Both parties were directed to file a date-wise status report covering the period from the filing of the company petition until the present date within one week. The respondents were additionally ordered to place on record the particulars of the present management and the current business operations of the company. The matter has been adjourned and will be re-listed for further consideration on 05 August 2026.
Topics: Corporate Governance, Legal Proceedings, Management Changes