NCLT Waives Shareholding Threshold for Company Petition on Alleged Mismanagement

Kailash Ramkishan Gupta & Another Vs Indian Commodity Exchange Limited & Ors. (NCLT Ahmedabad)

The National Company Law Tribunal (NCLT), Ahmedabad Bench, delivered its order in the case of Kailash Ramkishan Gupta and Neptune Overseas Limited vs Indian Commodity Exchange Limited (ICEX) and Others, granting a waiver under Section 244(1)(a) of the Companies Act, 2013. This allowed the applicants to maintain their petition alleging oppression and mismanagement against ICEX, even though their effective shareholding did not meet the statutory one-tenth threshold.

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