NCLT Bengaluru Directs Alliance Business School And Alliance University To Submit Its Minutes Of Books In A Sealed Cover

The National Company Law Tribunal ("NCLT"), Bengaluru Bench, comprising of Shri Ajay Kumar Vatsavayi (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition in Madhukar G. Angur v. Abhay Govind Chebbi & Ors., has directed submission of minutes of books of the Alliance Business School (Company) and Alliance University before the NCLT within two weeks and has further directed to maintain status quo till the next date of hearing i.e. 10.06.2022. The order was passed on 25.05.2022. Brief Background Dr. Madhukar G. Angur ("Applicant") is the founder and Chancellor of Alliance University; Managing Director of Alliance Business; majority shareholder of Alliance Business School (Company); and the sponsoring body of Alliance University. A legal dispute broke out between the Applicant and his siblings (Mr. Sudheer G Angur and Ms. Shaila Chebbi) over the reign of the Alliance University, which is valued at over 1500 crores. The Applicant was allegedly illegally removed from the Alliance Business School company by his siblings by a forged resignation, share transfer letters and fraudulent use of Digital Signature Certificate once in 2015 and then in 2016. On 24.09.2019 the Registrar of Companies had declared 'defective' all forms uploaded by his siblings for changing the shareholding pattern and directorship of the company and for appointing their own family members as directors and shareholders of the company. Further, the Applicant was removed as Chancellor of the Alliance University by his siblings vide a resolution allegedly passed in the name of the Alliance Business School on behalf of Abhay Chebbi (nephew of Applicant), Shaila Chebbi & Mala Gowda (sisters of Applicant) and Krishnamohan Ramenini (erstwhile Director of Alliance Business School). There are a multiplicity of civil and criminal proceedings against the parties pending before the Enforcement Directorate, Supreme Court and other concerned courts. Proceedings Before NCLT The Applicant had filed a company petition under Section 241-242 and 59 of the Companies Act, 2013 against his siblings and their family members, alleging oppression and mismanagement on the hands of the latter. The Applicant submitted that he was illegally removed from the post of Director and Managing Director of Alliance Business School company and Chancellor of Alliance University by his siblings (Respondents). NCLT Bench had issued notice and granted time to the Respondents (Applicant's siblings and their family) to file their reply. When the matter was listed on 25.05.2022, further time was granted to the Respondents to file their reply, along with a direction to maintain status quo till the next date of hearing i.e. 10.06.2022, and to produce the minutes of books of Alliance Business School company and Alliance University in a sealed cover before the Tribunal within 2 weeks. Case Title: Madhukar G. Angur v. Abhay Govind Chebbi & Ors., C.P. No. 102/BB/2021 Counsel for Applicant: Ms. Ashima Mandla, Mandakini Singh and Syed M. Ahmad, Advocates. Counsel for Respondent: Sr. Adv. Shyam Sundar, Adv. Vandana B.L., Adv. Rohan Hosmath, Adv. Prasanna, Adv. Cyril Prasad Pais. Click Here To Read/Download Order

NCLT Bengaluru Directs Alliance Business School And Alliance University To Submit Its Minutes Of Books In A Sealed Cover

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NCLT Bengaluru Directs Alliance Business School And Alliance University To Submit Its Minutes Of Books In A Sealed Cover

Pallavi Mishra

This is a premium content Available exclusively to Our subscribers

INR 1099+GST

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This is a premium content
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