IFFCO moves NCLT against Triumph Offshore, Swan Energy

economictimes.indiatimes.com:

IFFCO has moved the NCLT against Swan Energy Ltd (SEL) and their joint venture Triumph Offshore to restrain their JV firm from passing any resolution without its approval and issuing any share/security to the lenders against loans. Seeking an injunction against any such proposal, IFFCO, in its petition filed before the Ahmedabad bench of the NCLT, alleged that Triumph Offshore is pre-paying the debt, which may result in dilution of its shareholding in the joint venture firm and is detrimental to its interest.
IFFCO has moved the NCLT under sections 241 and 242 of the Companies Act 2013, alleging oppression and mismanagement.
It has prayed to restrain Swan Energy and Triumph Offshore «from passing any board resolution without the prior written approval of petitioner (IFFCO), with reference to the substitution of the bank term loan with promoters loan or from issuing any shares/security or any instrument convertible into equity in favour of R2 (SEL) or any third party, which may result into diluting shareholder of the petitioner».

Leading fertiliser player IFFCO owns 49 per cent of Triumph Offshore, the joint venture with Swan Energy, established to set up a Floating Storage and Regasification Unit (FSRU).
Swan Energy Ltd (SEL) is the majority partner with a 51 per cent stake.
Triumph Offshore's board comprises three nominees from Swan Energy, two from IFFCO and two independent directors.
According to IFFCO, Triumph Offshore had tied up with banks to get a term loan of Rs 1,604 crore, out of which SBI sanctioned