Case Law Details
MIH Edtech Investments B.V. & Ors. Vs Think & Learn Pvt. Ltd. & Ors. (NCLT Bengaluru)
The legal battle between MIH Edtech Investments B.V. & Ors. and Think & Learn Pvt. Ltd. & Ors. before the National Company Law Tribunal (NCLT) in Bengaluru under C.A. No. 71/2024 and C.A. No. 72/2024 highlights significant corporate governance issues and alleged violations of the Companies Act, 2013. These cases, filed under Section 242(4) of the Companies Act, involve accusations of oppression and mismanagement against the respondents.
Detailed Analysis
1. Background and Allegations MIH Edtech Investments B.V. and Sofina S.A. (the Applicants) filed C.A. No. 71/2024 seeking injunctions against recent actions by Think & Learn Pvt. Ltd. (Respondent No. 1). This includes halting actions related to offer letters issued on 11th and 13th May 2024 and preventing further share issuances. The dispute arises from a second rights issue initiated by Think & Learn Pvt. Ltd. during the pendency of the main Company Petition (C.P. No. 18/BB/2024) alleging oppression and mismanagement.
2. Alleged Violations The Applicants allege that the respondents violated an NCLT order of 27th February 2024, which prohibited share allotments without increasing authorized share capital and mandated funds from a rights issue to be kept in an escrow account. They further claim that certain corporate actions, including share allotments to specific shareholders on 2nd March 2024, were unlawful and necessitate reversal.
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