NCLAT junks Appeal; Directs to follow NCLT order and submit written response to Pankaj Oswal’s Petition

NCLAT junks Aruna Oswal’s Appeal; Directs to follow NCLT order and submit written response to Pankaj Oswal’s Petition

National Company Law Appellate Tribunal, Delhi has upheld the order passed by NCLT-Chandigarh there by directing the parties including Mrs. Aruna Oswal, Chairperson, OAML to submit written response to a petition filed by Mr. Pankaj Oswal on the mismanagement happening with in the companies.

The NCLT – Chandigarh on last hearing on 21st May 2018, passed an order asking the all the respondentsMrs. Aruna Oswal, Chairperson, OAML, Mr. Anil Bhalla, MD OAML, other directors, Mr. Naveen Jindal, OAML’s Company Secretary and Auditors M/s T.R. Chadha & Co LLP to file their written responses to our petition. On 29th May, 2018, an appeal on behalf of Ms. Aruna Oswal was listed before the Appellate Tribunal at Delhi challenging this order of Chandigarh NCLT. However, This Appeal of Mrs. Aruna Oswal was out-rightly dismissed by the Appellate Tribunal, ordering the parties to comply with NCLT Chandigarh’s order. Therefore, now all the parties are bound to comply with NCLAT’s order of Appellate Tribunal and ought to file their written responses on next hearing at Chandigarh.

Late Sh. Abhey Oswal’s eldest son Mr. Pankaj Oswal had filed a legal proceeding under the Indian Companies Act at NCLT, Chandigarh on the 1st of February 2018 for mismanagement, misappropriation and Related Party Transactions clandestinely happening in his late father’s companies Oswal Agro Mills Limited (OAML) and Oswal GreenTech Limited. Mr. Pankaj Oswal is one of the legal heir who is deprive from his succession rights and seeking transfer of his companies’ shares. Late Sh. Abhey Oswal held 53530960 shares in OAML and therefore Mr. Pankaj Oswal is entitled to 13382740 shares by way of transmission as legal heir of Late Sh. Oswal.