The National Company Law Tribunal dismissed a shareholder oppression petition against Mittal Soya Protein due to insufficient evidence of mismanagement or oppression by the company's promoters.
The petitioner alleged forgery and illegal dilution of her stake from 10% to 3.75%, but the tribunal found the rights issue was for legitimate business needs.
The tribunal also dismissed the interim application, noting no evidence of siphoning or forgery, and upheld the rights issue as necessary for the company's financial health.