NCLT Ahmedabad dismissed a petition by former shareholders seeking rectification of share register and investigation into Shri Gumandev Processors Pvt Ltd.
Petitioners alleged fraudulent share transfer without full payment of Rs 11.5 crore consideration under 2019 MOU, receiving only Rs 1.15 crore.
Tribunal ruled petition time-barred under Limitation Act and beyond Section 59's summary jurisdiction due to complex factual disputes.
No investigation ordered under Section 213 as allegations lacked independent evidence of fraud or mismanagement.