The National Company Law Appellate Tribunal (NCLAT) has asked Devas Employees Mauritius to approach NCLT to raise its objection over the court's decision to admit a petition by Antrix Corporation seeking winding up of Devas Multimedia.
While disposing of its plea, the Chennai bench of the NCLAT has directed Devas Employees Mauritius to file an interlocutory application and be a party in the ongoing matter at the NCLT.
On January 19, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted the petition by Antrix Corporation, the commercial arm of Indian Space Research Organisation, for winding up Devas Multimedia and has appointed a provisional liquidator for the company.
It had also directed the provisional liquidator to take control of the management, properties and actionable claims of Devas Multimedia.
The NCLT order was challenged before the NCLAT by Devas Employees Mauritius, which holds 3.48 per cent of issued equity share of Devas Multimedia.
Devas Employees Mauritius has submitted that being a shareholder of Devas Multimedia, being its constituent Board Member and owner and hence it has a say in the manner in which the company, its affairs, management etc are carried out.
According to the petitioner, the NCLT order of January 19, affects its right to participate in the affairs' and management of Devas Multimedia.
However, the NCLAT observed: "It is relevantly pointed out that just because an 'Order of Admission' is passed at the initial stage, the Appellant's interest is not likely to be affected or prejudicial because latent and patent reason that still it may get an opportunity to be heard when its Petition is Allowed."
The NCLAT Chennai bench, which consisted Member (Judicial) Justice Venugopal M and Member (Technical) Balvinder Singh directed it to file an application before NCLT, to be a party into the main matter.
"….Deems it fit and proper in 'Directing' the 'Appellant' to file necessary 'Interlocutory Application' before the 'Tribunal' (NCLT) seeking permission to implead itself in the main pending Company Petition setting out necessary facts/reasons for the same," said NCLAT in its order passed on February 11.