Oppression and Mismanagement under Companies Act doesn’t cover breach of terms of settlement

Pramerica ASPF Vs Metro Corp Infrastructure Ltd (NCLAT Chennai) NCLAT Chennai held that if there is any breach of the Terms of Settlement, it cannot be construed as an issue which would fall within the ambit of the definition of `Oppression and Mismanagement’ as defined under the Companies Act, 1956. Facts- The ‘Petitioner’/’Appellant’ before the Company Law Board, Chennai under Sections 397, 398, 399, 402, 406 & 542 of the Companies Act, 1956 seeking to declare the Meetings of the Board of Directors of the first Respondent Company/M/s. MetroCorp Infrastructure Ltd., held on 02.1...