Section 89 Non-Disclosure Insufficient to Prove Oppression or Mismanagement: NCLAT Delhi

Satyanarayan Gupta Appellant Vs Shivangan Realestate Pvt Ltd & Ors (NCLAT Delhi) The appeal before the National Company Law Appellate Tribunal challenged an order of the NCLT, Jaipur Bench, which had dismissed a company petition at the threshold. The appellant claimed beneficial ownership of 5,000 equity shares constituting 50% of the company’s share capital and alleged wrongful acquisition by another respondent, relying on a Memorandum of Understanding (MoU) dated 01.01.2022. The petition sought recognition of beneficial ownership and rectification of statutory records under Section 89 ...