Companies Act, 1956: ss. 241, 337, 339 – Application to tribunal for relief in cases of oppression, etc. – Charge sheet filed by CBI against several persons occupying positions in the Punjab National Bank as well as the Directors of a company – Criminal case against the appellant-MD and CEO of the Bank that she omitted to take precautions or preventive steps to prevent the fraud perpetrated by Nirav Modi and thereby committed mis-conduct and conspiracy with the other accused persons – Orders passed by NCLT and NCLAT in exercise of its jurisdiction u/s. 241 freezing the assets of the appellant – On appeal, held: Powers u/ss. 241, 337 and 339 cannot possibly be utilized in order that a person who may be the head of some other organization be roped in, and his or her assets be attached – Thus, the order passed by the NCLAT and well as the NCLT set aside.
As published in the Supreme Court Reports, Supreme Court of India. Text from the Indian Supreme Court Judgments open data set (Dattam Labs), CC BY 4.0.
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