NCLT Ahmedabad partly allows petition under Sections 241-242 of Companies Act, finding mismanagement and deadlock between equal shareholders.
Directs respondents to hand over all company records and documents to petitioners within four weeks for statutory compliance.
Tribunal declines relief for recovery of alleged siphoned funds of Rs 2.74 crore due to insufficient evidence but grants liberty to approach competent forum.
Notes complete breakdown of mutual trust between shareholders since 2017, leading to operational paralysis and non-filing of statutory returns.