Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 10 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard Company Petition No. CP(CA)/7(CHE)/2024 filed by NSE Investments Ltd against Market Simplified India Ltd and multiple other respondents (R1 to R6, R11, R13, R14, and R15). The petition was filed under Sections 241-242 of the Companies Act, 2013, which deal with oppression and mismanagement in company affairs.
Representation included Senior Counsel Mr. R. Parthasarathy along with Mr. Suhrith Parthasarathy and Ms. Amritha Sathyajith for the petitioner (NSE Investments Ltd). Mr. Mohammad Wasif Khan represented respondents R1 to R4, R13 and R14. Ms. Swetha Naidu represented R5/independent director Mr. V. Arvind Rajagopal, while separate counsel appeared for R6/independent director. Ms. Swathy Devan and Mr. Pradeep Joy represented respondents R11 and R15.
The hearing primarily addressed the status of settlement discussions between the parties. Counsel for the petitioner informed the tribunal that the respondents had requested an additional two weeks to continue working on the settlement proposal that had been initially discussed during the previous hearing held on 30 March 2026. Counsel for the respondents confirmed this position and expressed confidence that the parties would be able to reach a settlement before the next scheduled hearing.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam, granted the joint request for additional time. The matter was adjourned and listed for next hearing on 29 July 2026. On that date, the parties are expected to either report a successful settlement or proceed with hearing arguments on the petition.
Topics: NCLT Proceedings, Corporate Dispute, Settlement Negotiations