Delhi HC decision on Directos Appointment / Removal by IFCI on the board of TFCI Ltd.

Brief facts of the present case are that the appellant company (hereinafter referred to as ‘IFCI’) owns 37.85% of shares of respondent-company (hereinafter referred to as ‘TFCI’). On 26th November, 2010 IFCI sent a requisition to TFCI for convening an Extra-Ordinary General Meeting (for short ‘EOGM’) with the objective of appointing four new directors and removal and replacement of one director on the Board of TFCI. However, TFCI vide letter dated 2nd December, 2010 questioned the validity of the requisition on the ground that though it was signed by the Company Secretary of IFCI, ...