NCLAT Sets Aside CFO Appointment as Articles Cannot Override Companies Act

Hamlin Trust Vs LSFIO Rose Investments S.a.r.I. (NCLAT Delhi) The appeal challenged the NCLT order dated 29.03.2022 directing the appointment of Mr. Bipin Kabra as Chief Financial Officer (CFO) of the respondent company. The appeal was confined only to the issue of the CFO’s appointment and did not deal with the merits of the pending company petitions concerning allegations of oppression, mismanagement, and winding-up. Background of the dispute: The appellants and the first respondent each held approximately 50% shareholding in the company as joint venture partners. Following disputes be...