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NCLAT dismisses plea to suspend board of ‘63 Moons Technologies Ltd’ under Cos. Act

March 18, 2020[2020] 115 taxmann.com 253 (NCL-AT)
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COMPANY LAW : NCLT by impugned order held that where R1 company was a promoter of National Stock Exchange Limited (NSEL) and directors/KMP of R1 company who were on board of NSEL failed in exercising due diligence in trading in forward contracts, which resulted in suspension of trade in NSEL, appointment of government nominees on Board of R1 company was to be ordered

• However, it was found that NCLT had wrongly taken into consideration dates of appointment of respondents as directors. Impugned order relating to respondents which were functioning as directors prior to 31-7-2013 i.e. date on which NSEL suspended trading and appointment of Government nominee not more than three Directors to board of R1 company to take care of interest of all stakeholders and also to protect interest of investment of R1 company in its subsidiaries was to be upheld, however, part of order by which respondents appointed after 31-7-2013 were declared as not fit and proper persons to hold office as Directors or any other office connected with conduct and management of R1 company and 'NSEL and were also not eligible for appointment as Directors in any other company was to be set aside.

• (Union of India v. 63 Moons Technologies Ltd. [2020] 115 taxmann.com 252 - Partly upheld)

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